12-27-12 SWFloridaGuy (Forum Discussion): It doesn't have to be a RV. It could be a RV/RI/RD/Float (which would take longer), change in peg etc. They could also use the USD as their primary currency but that's not their goal. We're hoping for and expecting a RV.
For WTO accession they do have to have a convertible currency. I pulled my information right out of their membership laws. To answer your question about China, membership is considered on a case-specific basis. Certain member countries have to agree in the affirmative as I explained.
Accession could be right around the corner or a ways down the road, I've seen conflicting reports about this but what matters to us is they need to raise the exchange rate prior. So, the fact that they are even being considered is a great sign the CBI is getting ready to make their move.
That is also why we speculate that Iraq RVing their currency may be an obligatory stipulation where they are concerned. That part is my own opinion but them having a convertible currency comes straight from WTO membership requirements.
Here's a link from the WTO showing an agreement on a case specific basis and convertible currency. You will find it's a stipulation common in almost all member countries and also is in Iraq's case.