This ensures currency convertibility and reduces foreign exchange liquidity risks.
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Both are pegged to the euro, with convertibility guaranteed by France.
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The monetary arrangement assures currency convertibility and reduces foreign exchange liquidity risks.
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China will also enhance the yuan's convertibility on the capital account, she said.
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Gold convertibility was suspended during the Napoleonic wars: government debt and inflation soared.
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China also will enhance the yuan's convertibility on the capital account, she said.
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Mr Xi could embrace more complete convertibility later, when they were less vulnerable.
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And what's the best way to guarantee such convertibility of an Amazon cryptocurrency?
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In order for France to provide a convertibility guarantee, these reserves must be pooled.
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They blame the fund both for backing convertibility and for pulling the plug on it.
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Under the weak-side Convertibility Undertaking, the HKMA undertakes to sell U.S. dollars at 7.85.
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Maduro's white paper, published earlier this month, makes no promise of petro convertibility with oil.
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The bill's ultimate aim will be full currency convertibility within three to four years, he said.
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Inevitably, the conditions attached to it included the austerity needed for the "internal devaluation" that convertibility required.
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A central bank spokesman said on Thursday a decision on cash convertibility had not yet been made.
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The Bretton Woods system relied on gold convertibility of the U.S. dollar as the anchor for global monetary stability.
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President Richard Nixon ended the dollar's convertibility to gold in 1971, but the greenback has retained its international prominence.
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A majority of US dollar revenue is collected in the UK and Mauritius, reducing currency transfer and convertibility risks.
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The world's biggest central banks have an unlimited swap agreement, allowing them to maintain currency convertibility even if markets fail.
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Since convertibility meant forgoing exchange-rate flexibility and an independent monetary policy, fiscal discipline was all-important for its success.
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The company has pioneered 'smart tokens,' which it describes as cryptocurrencies with built-in convertibility directly through their smart contracts.
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It was notable that Xi's report made no mention of capital-account convertibility, which was a previous focus of government.
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The biggest issue is the convertibility of the Chinese currency, which is still being largely controlled by Beijing, he said.
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In 1971, President Richard Nixon suspended the convertibility of dollars into gold, which marked the end to the Bretton Woods era.
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Convertibility was a purely Argentine invention—by Domingo Cavallo, the economy minister under Carlos Menem, the president from 1989 to 1999.
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The government has said it's ongoing markets reforms target full convertibility for the yuan but no specific timeline has been set.
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The sector's opening up will proceed in coordination with reforms in China's foreign exchange rate mechanism and capital account convertibility, he said.
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Additionally, the Bretton Woods system of fixed exchange rates and guaranteed gold-dollar convertibility was placing great stress on the U.S. dollar.
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The yuan is hampered by restrictions on its trade on foreign-exchange markets; Beijing fears that full convertibility would trigger capital flight.
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If transfer and convertibility considerations did not apply, HBON's Long-Term IDR would be notched down once from HSBC's 'AA-' Long-Term IDR.
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Convertibility is suspect in some nations where bitcoin exchanges have been banned, creating some confusion as to how the currency can be used.
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India currently has limits on the amount of government and corporate bonds foreign investors can hold, and controls on the rupee's convertibility too.
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For now, trading on Chinese commodity exchanges is still encumbered by a lack of foreign exchange convertibility and limited foreign participation due to regulations.
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China will initially select up to three companies in the H-share convertibility pilot scheme, but investors see the move as a positive step.
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At the same time, ZABA's Long-Term IDR continues to be constrained by the Country Ceiling of Croatia (BBB-), reflecting transfer and convertibility risks.
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That could come in the form of family reunions, phone calls between North and South Korea and some steps toward currency convertibility, he said.
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There are operating challenges with the company's subsidiary in Zimbabwe (around 15% of revenue), in which cash is subject to transfer and convertibility risks.
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None of this could save "convertibility", as Argentines called an arrangement under which the peso had been pegged at par to the dollar since 1991.
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A single currency could help address West Africa's monetary problems, such as the lack of independence of central banks and non-convertibility of some currencies.
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"In the current conditions, without guarantees or convertibility, it is very difficult to imagine big investment in the renewable energy sector," said one Western diplomat.
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BEIJING (Reuters) - China will promote capital account convertibility this year and pay attention to exchange rate risk management, the foreign exchange regulator said on Tuesday.
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The latter then backs the convertibility of the CFA franc at the fixed rate of XAF655.957/EUR244, if needed through an unlimited overdraft of this account.
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He added that Hong Kong's lack of restrictions on capital and currency convertibility made it "ideal as a core center" for Belt and Road-related fundraising.
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China will push forward capital account convertibility in an orderly way this year, with further opening-up in its equity and stock markets, SAFE said on Friday.
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One reason the PBOC is rushing towards convertibility, despite the risks, is that it feels that it must seize the chance while it has Mr Xi's blessing.
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The Country Ceiling reflects transfer and convertibility risks and limits the extent to which support from foreign shareholders can be factored into the banks' Long-Term IDRs.
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With that speech, he heralded the end of the post-war economic order, suspending the convertibility of the dollar into gold and putting up tariffs on imports.
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There's the Switch Lite, a $200 version of the console ($100 less than the standard price) that swaps convertibility for portability, and a unit with longer battery life.
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"Even if the exchange rate weakens to the 7.85 level, it won't necessarily trigger the HKMA's weak-side convertibility undertaking," she said in an email response to Reuters.
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As reflected in Panama's country ceiling of 'A', three notches above the sovereign rating, Fitch views exchange and convertibility risks as negligible due to Panama's well-entrenched dollarization.
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Turkey's Country Ceiling reflects transfer and convertibility risks and limits the extent to which support from foreign shareholders can be factored into the banks' Long-Term FC IDRs.
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The main issues were concerns by international players about trading in yuan, given issues surrounding convertibility back to dollars, and also the risks associated with regulation in China.
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However, the FC IDR remains at 'BBB' as it continues to be capped at Indonesia's Country Ceiling, reflecting the additional risks associated with transfer and convertibility of foreign currency.
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Chinese government officials offered assurances on currency convertibility and easier access to its financial markets while simultaneously warning the US government about following through on threats to erect trade barriers.
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The market volatility in that period came against a backdrop of Nixon's decision to suspend the dollars convertibility into gold and a recession following the oil shock of late 1973.
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BEIJING, Feb 10 (Reuters) - China will do more to ease yuan convertibility in free trade zones this year, a top official with the State Administration of Foreign Exchange said on Wednesday.
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The People's Bank of China (PBOC) will improve the yuan regime and steadily push forward with the yuan's convertibility in the capital account, it said in a statement on its website.
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Moreover, the yuan's safe-haven characteristics only emerge periodically, said Li at Hexa Asset Management, echoing analysts who say the currency lacks many attributes of a proper haven, including full convertibility.
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"Currency convertibility is a big issue for investors," said Richard Tait, a director at Harare-based private equity outfit Mangwana Capital - which is trying to raise $150 million for investments in Zimbabwe.
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The convertibility reform is expected to align major shareholders' interests with other stakeholders, paving the way for greater scrutiny over corporate governance which has dogged many Chinese companies amid a series of scandals.
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The FC IDR has been affirmed at 'BBB' and remains capped at the Philippines' Country Ceiling of 'BBB', reflecting the additional risks associated with transfer and convertibility of foreign-currency in the country.
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But after Richard Nixon ended the convertibility of the dollar to gold — and especially after Ronald Reagan's tax cuts created an unprecedented peacetime deficit — the debt ceiling became a somewhat silly political football.
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Pressure on the Hong Kong dollar has abated after the currency traded near the weak side of the convertibility band in early 2016, due to market concerns over mainland China's new currency basket.
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The measure would be a potentially decisive step on the path towards full convertibility of the country's sum UZS= currency, helping open up Central Asia's second-biggest economy to badly needed foreign investment.
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Relaxing investment limits and a removal of restrictions on currency convertibility are among the criteria that firms operating global bond indexes consider before including any country and determining its weightage in such indexes.
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Mr Bullough explains how the designers of the post-war financial architecture tried to keep international financial flows under control, with a network of fixed exchange rates based on the dollar's convertibility to gold.
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But that market volatility also stood against a backdrop of Nixon's decision to suspend the dollars convertibility into gold and a recession following the oil shock of late 1973, according to JPMorgan's John Normand.
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Fitch is now of the opinion that transfer and convertibility risk can differ among CEMAC member countries based on their individual risk of exit from the union and the imposition of sector-wide bank closures.
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BEIJING (Reuters) - China's foreign exchange regulator said on Friday that it will steadily push forward with the convertibility of its capital account, and at the same time fend off risk from cross-border capital flows.
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That would be a loss of face for China, because the IMF only recently marked the yuan's progress towards convertibility by including it in the basket of currencies that make up its Special Drawing Rights.
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But after Richard Nixon ended the convertibility of the dollar to gold — and especially after Ronald Reagan's tax cuts blew up an unprecedented peacetime deficit — the debt ceiling became a kind of silly political football.
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The State Administration of Foreign Exchange said in a statement on its website that it will also promote capital account convertibility in an orderly way and strengthen the operation and management ability for foreign exchange reserves.
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The final steps would be allowing full convertibility of the currency, aligning the official and market rates and lifting restrictions that force ordinary Uzbek to buy foreign currency from the black market rather than from banks.
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However, the CFA franc is pegged at a fixed exchange rate to the euro, and the existing agreement maintains this arrangement for the eco, with the Banque de France continuing to guarantee the new currency's convertibility.
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GIB's ratings are not constrained by the Bahrain Country Ceiling of 'BBB+', reflecting that the majority of GIB's assets and liabilities are outside of Bahrain, and would not be subject to Bahraini convertibility risks, in Fitch's view.
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Other schemes aim to promote financing support for the Guangdong-Hong Kong-Macau Greater Bay Area and other key regional development plans, and a pilot on enhancing the yuan's convertibility in Shanghai's free trade zone, it said.
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China said in December it would allow limited convertibility of the yuan in three free trade zones, in Guangdong, Fujian and Tianjin, further liberalising its capital account after its currency was admitted to the IMF's reserve basket.
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Allowing full convertibility of the currency, aligning the official and market rates and lifting restrictions that force ordinary Uzbeks to buy foreign currency from the black market would be the final steps in the foreign exchange reform.
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Plus - you know - Qatar Central Bank also guarantee the convertibility of the Qatar Riyals by the law, whether it's inside Qatar or outside Qatar, and thus assure you that in any times, the rate will be convertible.
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The new benchmark may not be an immediate threat to London, but with time and full convertibility of the yuan it could become widely used and help China's efforts to boost the global use of its currency.
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This was the first time since the current trading band was introduced in 2005 that the weak-side convertibility undertaking (CU) at 7.85 to keep the Hong Kong dollar closely pegged to the U.S. currency had been triggered.
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SEOUL, Jan 27 (Reuters) - South Korean authorities will discuss measures to improve the won currency's convertibility as part of an effort to get the Korea Exchange included in MSCI's developed market index, the financial regulator said on Wednesday.
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A one notch downgrade of the Omani sovereign is also likely to result in a one notch downgrade of HBON's Long-Term IDR as Fitch's Country Ceiling, which captures transfer and convertibility risk, is also likely to be downgraded.
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The new policies toward the Qualified Foreign Institutional Investor (QFII) scheme are aimed at "gradually promoting convertibility under the capital account, and expediting cross-broader investment," the State Administration of Foreign Exchange (SAFE) said in a statement on its website.
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The bank's ratings are not constrained by the Bahrain Country Ceiling of 'BBB+', reflecting that the majority of ABC's assets and liabilities are outside of Bahrain, and would not be subject to Bahraini transfer and convertibility risks, in Fitch's view.
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The banks' 'B-' Long-Term IDRs reflect the constraint of Belarus' Country Ceiling (B-), which captures transfer and convertibility risks and limits the extent to which support from the foreign shareholders of these banks can be factored into the ratings.
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In December, Beijing said it would allow limited convertibility of the yuan in free trade zones in Guangdong, Fujian and Tianjin, in a move to further liberalize its capital account after its currency was admitted to the IMF's reserve basket.
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Sources told Reuters this month that Uzbekistan had allowed a limited number of banks and companies to trade foreign currency at the market rate in a pilot project that could lead to the introduction of full convertibility of the sum.
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The banks' 'B-' Long-Term IDRs reflect the constraint of Belarus's 'B-' Country Ceiling, which captures transfer and convertibility risks and limits the extent to which support from the foreign shareholders of these banks can be factored into the ratings.
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The banks' Foreign-Currency IDRs are capped by Russia's Country Ceiling (BBB-), which reflects the probability of transfer and convertibility restrictions, and the risk the subsidiaries may not be able to benefit from parent support to service their foreign-currency obligations.
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Fitch believes these price developments are consistent with the territory's rules-based currency board system, which only requires automatic intervention should fund outflows result in the Hong Kong dollar hitting the weak end of the convertibility band of HKD0003 versus the US dollar.
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In the long run, Beijing's focus is for the offshore yuan to be subsumed by the onshore yuan as part of its program to liberalize financial markets, but that requires basic convertibility of the latter—a structural reform long-awaited by economists.
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The central bank agreed a purchase of ISK 112.4 billion (4.2% of GDP) from March to June 2017, leaving a remaining ISK88 billion (3.3% of GDP) in the stock of offshore krona assets that are restricted from free convertibility into foreign currency.
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KEY ASSUMPTIONS Fitch assumes that member countries, even if experiencing severe difficulties, will continue to honor CABEI's preferred-creditor status and exempt its private-sector borrowers from any measures that may affect the transfer and/or convertibility of their debt service payments.
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PCBG's Support Rating of '3' reflects Fitch's view that PCH's propensity to provide support to the subsidiary is high, but PCBG's ability to receive and utilise this support could be restricted by transfer and convertibility risks, as reflected by Georgia's Country Ceiling of 'BB'.
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Country Ceilings capture the risk of capital and/or exchange controls being imposed that would prevent or significantly impede the private sector's ability to convert local currency into foreign currency and transfer the proceeds to non-resident creditors - transfer and convertibility (T&C) risk.
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In Fitch's opinion, potential transfer and convertibility restrictions related to the Cayman Islands are either not material, or are sufficiently mitigated by Fitch's expectation that Deutsche Bank would use branch assets placed outside Cayman Islands or non-branch assets to service the notes, if needed.
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Cote d'Ivoire's membership in the CFA franc zone strengthens its external financing flexibility, as the country can access FX reserves pooled at the regional central bank, and can benefit from an unlimited credit line from the French Treasury to support the convertibility of the CFA franc.
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In Nixon's case, some of his other policy decisions, such as withdrawal from the Bretton Woods Accord, ending the convertibility of the dollar; and geopolitics, including the Yom Kippur War and corresponding OPEC oil embargo for America's support of Israel, mattered more than impeachment or resignation.
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Between the pricing and convertibility, the Yoga looks positioned to take on the likes of Chromebooks like Samsung's new offerings, though Lenovo's entry is targeted directly at Android users who don't want to leave the mobile operating system behind when graduating to a laptop-style computing experience.
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Owing to concerns over the peg to the euro and the Banque de France's guaranteed convertibility of the currency, which requires collective pooling of foreign reserves, larger economies such as Nigeria and Ghana have been reticent to go all in on the eco in the short term.
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First, they unilaterally canceled the direct international convertibility of the U.S. dollar to gold — effectively ending the postwar Bretton Woods system of fixed currency exchange rates — and then imposed a 90-day freeze on wages and prices to check inflation, the first such non-wartime controls.
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"Under the regulations passed in 2013, the ECNs cannot be taken into account so as to do the very job for which their convertibility was designed, namely to enable them to be converted before the regulatory minimum Tier 1 ratio is reached," said judge David Neuberger, president of the Supreme Court.
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"Even if the exchange rate touches the weak-side convertibility undertaking rate and funds flow out of the Hong Kong dollar, this is an inevitable process for the normalisation of the Hong Kong dollar interest rates," Howard Lee, an executive director at the Hong Kong Monetary Authority said in an article.
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Fitch has applied a variation from its Criteria for Country Risk in Global Structured Finance and Covered Bonds, which states that the rating of a foreign-currency issue cannot exceed the Country Ceiling of the country of the issuer or the cover assets, unless the transfer and convertibility (T&C) risk is mitigated.
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China is prioritising full convertibility of its currency and plans to ease restrictions on foreign investors in its onshore capital markets, People's Bank of China Deputy Governor Yi Gang said in New York, adding that these initiatives follow success in efforts to stem capital outflows and reduce overleveraging in the domestic corporate sector.
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Changes in exchange-control regulations that could increase the fund's transfer and convertibility risks or a weakening in the liquidity inherent in the fund or changes to liquidity provisions - such as the manager's ability to borrow against the fund's net assets or its ability to delay redemptions - would be viewed as negative.
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As I take it, "relationality" is basically a short way of saying that it's kind of weird you spent so much time, effort and material resources shipping this unappetizing cheese across the world just to accrue an obscure corporate-issued currency-token with no meaningful ownership rights or convertibility outside of a single consumer good.
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However, AB's ability to receive and utilise any potential support could be restricted by transfer and convertibility restrictions, as reflected in Azerbaijan's Country Ceiling of 'BB+' The downgrade of AB's VR to 'b+' from 'bb-' reflects significant deterioration in the bank's asset quality and performance following the devaluations of the Azerbaijan manat in 2015.
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KEY RATING DRIVERS Cameroon's 'B' IDRs reflect the following key rating drivers: Cameroon's 'B' ratings balance a low GDP per capita of USD212000,4807123 and weak governance indicators, against sustained economic growth and macroeconomic stability provided by membership of the Central African Economic and Monetary Community (CEMAC) franc zone, which ensures currency convertibility and reduces foreign exchange liquidity risks.
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KEY RATING DRIVERS The 'BBB-' Country Ceiling of the WAEMU, which captures transfer and convertibility (T&C) risk of its eight member countries (Benin, Burkina Faso, Cote d'Ivoire (B+/Stable), Guinea Bissau, Mali, Niger, Senegal, Togo), balances a long-standing, tested monetary arrangement between the region and France (AA/Stable), with existing controls on capital transfers outside of the region.
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The bank downgrades reflect (i) a weakening of the Turkish operating environment, and Fitch's view that it is not appropriate to rate Turkish banks above the sovereign based on their standalone strength; (ii) a reduction in the likelihood that the sovereign will be able to provide support to banks, in case of need; and (iii) the lower Country Ceiling, implying an increase in transfer and convertibility risks.
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