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What is convertibility?

What is convertibility? Here are some definitions.

Noun
  1. The quality of being convertible
  2. The quality of a currency of being exchangeable for gold or other currencies
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The launching of the convertibility regime was a landmark in the 1990s in Argentina.
They expect Hong Kong to eventually become a testing ground for convertibility of the yuan.
The government has promised convertibility of the yuan and interest-rate liberalisation within the area, as it experiments with economic reforms.
The yuan is already convertible in the current account, but tough controls are still imposed on the currency's convertibility in the capital account.
With increasing convertibility on the capital account, they will also attract undue attention from currency speculators.
Sovereign risks include nationalisation, expropriation, currency convertibility, breach of contract, war, and riot.

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