Yes.
According to Article 8 of the Agreement of the IMF, "General Obligations of Member States", for a country's currency to become spot exchange, it must meet three conditions:
1. For the country's international balance of payments There are no restrictions on current items (trade and non-trade payments) and fund transfers.
2. Do not adopt discriminatory monetary measures or multiple currency exchange rates.
3. At the request of another member state, it is obligated to repurchase the domestic currency balance in the other party's current account transactions at any time.
Freely convertible currencies are widely used in international exchange settlements, can be freely bought and sold in international financial markets, and can be converted into currencies of other countries without restrictions. In international trade, import and export trade settled in these freely convertible currencies is called spot trade.
Extended information:
Scope of use of spot exchange:
Widely used in international settlements, foreign exchange that is paid internationally and can be freely exchanged for the currencies of other countries. The countries that issue these currencies have relatively loose control over foreign exchange. Some have even basically abolished foreign exchange controls. Others have implemented strict foreign exchange controls. Their own currencies cannot be freely converted into internationally accepted foreign currencies, and their own currencies cannot be brought in or out of the country. territory.
There are more than 50 currencies in the world that are freely convertible, including the US dollar, pound sterling, Japanese yen, Hong Kong dollar, Swiss franc, Singapore dollar, Canadian dollar, Australian dollar, euro, New Zealand dollar and other currencies. , as well as bills of exchange, checks, and stocks expressed in these currencies. Bonds and other payment certificates and credit certificates are free foreign exchange.
Baidu Encyclopedia - Spot Foreign Exchange
Baidu Encyclopedia - Free Foreign Exchange