Convertibility, kuhn vur tuh BIHL uh tee, is the absence of restrictions on exchanging the currency of one nation for that of another. Convertibility plays an important role in international trade. For example, an importer from nation A buying goods from nation B must find a way to pay for them. This is much easier if the two currencies are convertible, because all the importer needs to do is go to the bank and purchase a check for an equivalent amount in B's currency. Otherwise, the importer may not be able to buy B's goods if B restricts the availability of its currency. Convertibility exists for the world's major currencies. However, the currencies of China and other Communist nations and of some less developed countries are inconvertible. See also Exchange rate; Money.