That is, in its foreign exchanges, a country is completely priced and settled in foreign currency, and there is no foreign exchange market. It neither implements the exchange of local currency to foreign currency, nor publishes the exchange rate of local currency to foreign currency, and foreign currency and local currency are completely isolated. At present, this fully convertible currency is rare. In addition, there is a limited convertible currency between the two. According to the agreement of the International Monetary Fund, all currencies that impose various restrictions on the payment and capital transfer of international current transactions are limited freely convertible currencies. This currency usually has more than one exchange rate, and there are restrictions on foreign exchange transactions. If it is stipulated that only non-residents can exchange their domestic currencies from freely convertible currencies into other currencies, local residents may not exchange their domestic currencies into foreign currencies without approval. Some countries stipulate that currency exchange can only be carried out in economic activities related to commodity trade and labor service trade, but not in other transactions. Currency exchange is actually the exchange of money and services. Whether a country's currency can be exchanged does not depend on the subjective will of the country's government and monetary authorities, but on the country's import and export capacity and freedom of import and export. Because if a country's currency is freely convertible, it actually means that its residents can freely convert their own currency into foreign currency and buy goods and services from other countries. It also means that residents of other countries can get the right to buy goods and services in that country through exchange. On the other hand, if a country prohibits its own people from buying goods and services from other countries at will, or prohibits foreigners from buying their own currency and services at will, this currency cannot be called a freely convertible currency. At present, 67 countries in the world have accepted the terms of the International Monetary Fund's agreement on currency convertibility, that is to say, the currencies of these countries are considered to be freely convertible. Mainly include: US dollar, Deutsche Mark, Japanese yen, British pound, Swiss franc, French franc, Italian lira, Dutch guilder, Belgian franc, Danish krona, Swedish krona, Norwegian krona, Austrian schilling, Hong Kong dollar, Canadian dollar, Australian dollar, New Zealand dollar and Singapore dollar. Q: Is RMB a freely convertible currency?