First stage: 1949- 1978. The RMB exchange rate is mainly a single exchange rate system. 1949- 1978 is the era of planned economy. China implements a highly centralized foreign exchange management system, and the state-owned foreign exchange is uniformly distributed and used by the State Planning Commission. During this period, domestic economic development was mainly based on self-reliance, adopting the strategy of replacing industrialization with imports, basically not raising foreign debts, and not allowing foreign capital to make large-scale direct investment in China. Foreign trade is managed by state-owned foreign trade companies as planned, and foreign exchange balance is achieved. However, the export competitiveness of domestic products is not strong, the RMB exchange rate has been overvalued for a long time, and the country's foreign exchange income mainly comes from export-specific resources, handicrafts and remittances. Insufficient foreign exchange income leads to a long-term shortage of foreign exchange resources. As for the exchange rate, the RMB exchange rate mainly adopts a single exchange rate system, and the People's Bank of China (hereinafter referred to as the "central bank") publishes exchange rate data. As an accounting tool, exchange rate has no function of regulating economic operation.

Second stage: 1979- 1993, RMB exchange rate dual track. 1979- 1993 is the transition period from planned economy to market economy in China. An important feature of this period is the dual-track system in the price field, including exchange rate price. From 65438 to 0979, the state began to reform the foreign exchange management system, and the main measures included: 1. The foreign exchange retention system is implemented, and a certain proportion of foreign exchange quota is reserved for foreign exchange earning places and enterprises, resulting in uneven distribution of foreign exchange resources. By 1980, the state has set up foreign exchange swap business in Beijing, Shanghai and other regions, allowing enterprises to transfer the foreign exchange retention quota at the national price, and gradually formed a dual exchange rate system of official exchange rate and foreign exchange swap exchange rate. 2. Introduce foreign direct investment. In order to make up for the shortage of domestic construction funds, China actively improves the domestic investment environment, supports enterprises to make rational use of foreign capital, and gives many preferential policies to Sino-foreign joint ventures and foreign-invested enterprises. In addition, due to the rapid growth of foreign exchange demand, China established a foreign exchange reserve management system in 1980s to allocate the foreign exchange reserves formed by foreign exchange accumulation. Promote the reform of the dual-track RMB exchange rate system. After 1978, the right of trade management was delegated to ministries and local foreign trade companies, but the overvalued exchange rate affected the enthusiasm of enterprises to earn foreign exchange through exports. Therefore, the country has carried out the dual-track reform of RMB exchange rate, which is divided into two levels: the internal settlement price of trade from 198 1984 coexists with the official quotation.

Third, after 1994, the RMB exchange rate will be subject to a managed floating exchange rate system. At present, China's exchange rate reform has not been completed, and there is still a gap from the real floating exchange rate system. The central bank's intervention in the foreign exchange market, the offshore RMB market, the free convertibility of RMB and cross-border circulation all need to be further improved. Therefore, RMB internationalization still has a long way to go, and exchange rate reform should not be carried out alone, but should be arranged as a whole with other foreign exchange reforms. For individuals, a systematic understanding of the ins and outs of the RMB exchange rate system is helpful to track the trend of the foreign exchange market and analyze the impact of exchange rate changes on their work and life, so as to better handle foreign exchange-related matters.