After the liberation of North China, in order to carry out foreign trade and international exchange business, it is urgent to solve the exchange rate problem between RMB and western currencies. 1949 65438+1October 16 Tianjin was liberated. The exchange rate of RMB 65438+ 10/8 against western currencies was first announced in Tianjin, with USD 65438 +0=? 80 (old coins), followed by the liberation of Shanghai, Xiamen and Guangzhou. Due to the inconsistent prices in different places, the above four places have adopted the method of listing separately, and the quotations are also inconsistent. It was not until July 8 1950 that the national exchange rate was unified.
Because China couldn't control inflation at that time, prices kept rising. Last week, the Shanghai wholesale price index149 was 100 in June, and1950 was 2242.93 in March. Since then, the people's exchange rate has been continuously adjusted, reaching1950 March 13 USD 1=? 4200 (old coins), * * * was raised 49 times, with an average monthly increase of 3.5 times.
Because the RMB has no gold content. Therefore, when setting the RMB exchange rate, the gold price cannot be used as the calculation standard. At that time, the price comparison method was used to calculate and determine the RMB exchange rate. The price comparison method includes three parts: (1) theoretical price comparison of export materials; (2) Comparison of theoretical prices of imported materials; (3) Purchasing power parity of remittances. The main one is the theoretical price of export materials, and the purchasing power parity of remittance is suitable for determining whether the exchange rate is conducive to remittance.
At that time, the principle of RMB exchange rate was "encouraging exports, giving consideration to imports and taking care of remittances". Because there were a large number of private businessmen in the import business at that time, it was in line with the central government's policy of using, restricting and transforming private businessmen to make them profitable in exchange rate setting. In terms of taking care of remittances, considering that domestic inflation has not been stopped and prices are still rising, China adopts the method of "remittance in original currency", that is, the overseas Chinese are informed of "remittance in original currency" on the day of bank settlement, instead of converting RMB according to the foreign exchange rate on the day of settlement. Overseas Chinese go to the bank to collect RMB on the remittance day, and the bank will exchange and pay RMB according to the quotation on the settlement day, thus ensuring the interests of overseas Chinese. At that time, after the parity between RMB and USD was determined, the parity of other currencies was calculated through their respective parity sets with USD.
Phase II: March 1950 to February 1952. This stage refers to the decision to implement unified financial and economic work throughout the country and the end of the recovery period of the national economy. At this stage, the RMB exchange rate is characterized by the continuous decline and appreciation of the RMB against foreign currencies.
1950 after the implementation of the national decision to unify financial and economic work in March, the price increase was quickly stopped and the price turned down. June-July 1950 in order to take care of private industry and commerce, measures were taken to adjust the price law and industry and commerce, and prices rose in an adjusted way, and then prices in the whole country stabilized. From 65438 to 0952, the wholesale price index in Shanghai dropped by 0.65 per month.
1950 On June 25, the Korean War broke out, and the United States entered the war three days later. The United States snapped up a large number of strategic materials around the world, which stimulated the rise of international commodity prices. Due to the rapid depreciation of the US dollar and western currencies at that time, China must speed up its imports, otherwise it will suffer losses due to the depreciation of western currencies. After the Korean War, the western countries led by the United States imposed a blockade and embargo on China, with a wide range and strict measures, so China must also vigorously promote imports. In this situation, the principle of RMB formulation has been changed to "both import and export and remittance". 1952 65438+February RMB exchange rate is 65438 USD +0=? 26 170。
Due to the falling prices and exchange rates, "RMB remittance" is adopted to take care of remittances from overseas Chinese. Its content is that the bank will exchange RMB according to the exchange rate on the settlement date, and then notify the relatives of overseas Chinese according to the amount of RMB. Therefore, when the relatives of overseas Chinese collect RMB from the bank on the settlement day, the RMB they get is calculated according to the exchange rate of the bank on the settlement day, not according to the exchange rate that has fallen, thus protecting the interests of the relatives of overseas Chinese.
The third stage: 1953 65438+ 10 to1973 March. This stage began when China entered the period of socialism and construction, and ended when western countries implemented the floating exchange rate system. The characteristic of RMB exchange rate at this stage is that the exchange rate is basically stable except for a few foreign currencies.
Since 1953, China has entered the period of socialist construction, and finance and prices have basically tended to be generally stable. On March 1955 and 1, China issued new RMB and recovered RMB at the exchange rate of 1: 10000. During this period, China completed the transformation of private businessmen, and foreign trade was managed by state-owned companies. Therefore, the exchange rate is different from the previous two stages. In the first two stages, due to the existence of private importers and exporters, the exchange rate must be determined by combining the reality of import and export trade and the interests of private traders. However, after foreign trade is managed by state-owned companies, what state-owned companies consider is how to complete the import and export plan formulated by the state. It was from this period that the RMB was gradually out of touch with the reality of import and export trade, and the exchange rate could not play a role in regulating import and export trade.
During this period, the structure of China's export commodities also changed. The proportion of agricultural and sideline products decreased, while the proportion of light and heavy industrial products increased. Due to the low foreign exchange cost of agricultural and sideline products and the high foreign exchange cost of industrial products, exports generally suffered losses at that time. In this case, China's foreign trade department adopts the unified calculation method of import and export, that is, the loss of export and the increase of import are settled by the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance. In addition, during this period, western countries implemented a fixed exchange rate system, so we should refer to the exchange rate announced by western countries when formulating the RMB exchange rate. Only when western countries devalue legally will the RMB exchange rate be adjusted. For example, when1967165438+10 month 18 pound depreciates 14.3%, the RMB exchange rate changes from? 1=? Replace 6.893 with? 1=? 5.908。
The fourth stage: 65438+March 0973 to1980 65438+February 3 1. At this stage, the floating exchange rate system is widely implemented in major western capitalist countries, and it is impossible for RMB to maintain a relatively stable exchange rate level.
1in March, 973, western countries implemented a floating exchange rate system, so western countries no longer announced the exchange rate, and the central bank no longer had the obligation to maintain the exchange rate and intervene. The exchange rate is determined by market supply and demand. In this case, China no longer takes the exchange rates of other countries as a reference when setting the RMB exchange rate. In addition, since 1968, China has implemented RMB pricing and settlement. In the 1970s, international trade, foreign economic aid and foreign loans were also settled in RMB, and the scope was expanded. Therefore, in the turbulent international financial situation, in order to maintain the stability of RMB value and avoid the influence of economic crisis being passed on by western countries, the principle of equality and mutual benefit should be implemented in foreign economic exchanges, which is conducive to China's foreign trade, foreign economic assistance and RMB pricing and settlement, and the RMB exchange rate should be adjusted frequently with reference to the exchange rate changes in the international market.
The fifth stage: 1 9811October1to19841February 3 1. This stage refers to the period when China implements the publication of trade quotations and internal settlement prices.
Since 1953, the RMB exchange rate has been gradually out of touch with prices, and the exchange rate has not played a role in regulating import and export trade, nor has it played a role in promoting internal economic accounting of foreign trade enterprises. For a long time, there has been a situation in which exports lose money and imports increase money. In order to develop foreign trade, restrict rewards and subsidies, promote internal economic accounting of foreign trade enterprises and meet the needs of foreign trade system reform. Starting from 198 1 year 1 month 1, China has implemented the published quotation, which is applicable to non-trade foreign exchange and internal settlement price of trade, and is applicable to trade foreign exchange. The internal settlement price of trade is an economic means to regulate import and export trade and a balanced price. Internal settlement price of trade foreign exchange ($ 1=? 2.80) is higher than the non-trade foreign exchange rate ($ 1=? 1.50), but since China implemented a basket of currencies with the US dollar as the main peg after 1973, although the internal settlement price of RMB trade foreign exchange depreciated against the US dollar at 198 1, the US dollar appreciated relatively against other major western countries, so the prices of goods imported from other countries did not rise relatively, and the competitive advantage of export prices could not be achieved.
Stage 6:0985 65438+65438+1 October1to 0993 65438+65438+February 3 1. This stage began with the publication of China's quotation and ended with 1994 foreign exchange system reform.
When the quotation of 1984 12 at the end of February tends to be consistent with the domestic price. That is $ 1=? At 2.80, the internal price of the transaction was cancelled. However, due to the adjustment of domestic prices and the increase in the purchase price of foreign trade commodities in recent years, the RMB exchange rate has been gradually adjusted from 1985 1 in October to 1985 1 =? 3.20。
From June 1985 to July 5 1986, the RMB exchange rate was USD 65,438 +0=? 3.20,1986 announced on July 5 that it would be transferred to $ 1=? 3.70, mainly because the external value of RMB is still overvalued relative to the domestic price and must be adjusted. On July 5, 1986 was raised by 0.50 yuan, in order to gradually move closer to the real external value.
1986 is adjusted to 1 USD =? After 3.70, there was no change for more than three years, 1989 12 16 and199017 increased by 1.00 yuan and 0.50 yuan respectively, reaching. 5.22. The exchange rate adjustment in this period is related to the contract system in China's foreign trade system. On April 9th, 199 1 implemented a managed and floating exchange rate system according to the foreign exchange supply and demand in the market. 199365438+February 3 1 RMB exchange rate is $ 1=? 5.80。
During this period, another noteworthy content is that China's foreign exchange swap market has developed rapidly and the exchange rate of foreign exchange swap is playing an increasingly important role in the economy. After the state allowed the opening of foreign exchange adjustment centers in major coastal cities, the foreign exchange adjustment business developed nationwide. In the 1990s, with the improvement of China's opening-up level and the deepening of market economic system reform, foreign exchange swap business expanded rapidly and became the main form of foreign exchange transactions in China. Accordingly, the use of foreign exchange rate in swap market is expanding day by day, and the amount settled with it has exceeded the official quotation, so it is considered as the market exchange rate "parallel" to the official exchange rate. This exchange rate is not officially set and announced, but fluctuates under the influence of foreign exchange supply and demand in the swap market. In recent years, in the process of China's reform and opening up, the demand for foreign exchange has always been greater than the supply of foreign exchange, and sometimes the contradiction between supply and demand is very tense, so the exchange rate in the swap market has always been higher than the official exchange rate. For example, from the end of 1992 to the beginning of 1993, the official exchange rate was about 1 USD =? 5.80, but the swap market exchange rate once exceeded $65,438 +0=? The level of 12 reflects the tight supply and demand of foreign exchange and the effect of psychological factors on the market exchange rate. Of course, as the relationship between supply and demand tends to ease, the exchange rate in the swap market gradually declines, and the gap with the official exchange rate gradually narrows.
The foreign exchange swap market and swap exchange rate are the transitional forms of China's foreign exchange market, and they are important supplements to the official foreign exchange business and the official exchange rate. To a great extent, they have restricted the long-standing black market and black market exchange rate of foreign exchange in the past, which is of great significance to the reform of China's market economic system.
Seventh stage: 1994 1 month to19961February. 1 99465438+1October1,China's foreign exchange management implements exchange rate consolidation and bank settlement and sale of foreign exchange, realizes conditional convertibility of RMB under current account, establishes inter-bank foreign exchange market and improves exchange rate formation mechanism.
1 April, 9941day, the People's Bank of China stipulated that the daily foreign exchange quotation between designated foreign exchange banks could fluctuate within 0.3% of the benchmark exchange rate; The buying price and selling price of foreign exchange between designated foreign exchange banks and their customers may fluctuate within the range of 0.25% above and below the benchmark trading price, and the difference between the buying price and selling price shall not exceed 0.5%. For each large transaction with an amount exceeding USD 6,543,800,000, banks and customers can negotiate the exchange rate based on the benchmark transaction price published by the People's Bank of China and the specified floating range. The floating range of the exchange rate is not fixed, and the People's Bank of China will adjust it irregularly according to the economic policies of the country in different periods, and the designated foreign exchange banks should adjust according to the adjustment of the People's Bank when operating foreign exchange business. At the same time, the People's Bank of China will mainly use monetary policy, foreign exchange policy and other economic means to regulate the supply and demand of foreign exchange and keep the RMB exchange rate relatively stable.
Eighth stage: 1997 1 until July 2005.
At present, RMB is fully convertible under the current account. In July 1996, 1, thin foreign exchange accounts of foreign-invested enterprises were incorporated into the bank settlement and sale system; Residents' private remittance standard has been raised to $2,000 per person each time; When residents leave the country to settle down, their pensions, severance payments and pensions can be exchanged for foreign exchange; Restrictions on non-trade routine use of foreign exchange such as entry-exit exhibitions and investment promotion have also been lifted. 1 99665438+February1,China announced the realization of RMB current account convertibility.
The ninth stage; July 2005 to present. On July 1 2005, China implemented a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies.
On July 2, 2005, the central bank announced the implementation of a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies. On that day, the exchange rate of RMB against the US dollar was raised by 2. 1%.
On June 4, 2006, the central bank introduced the inquiry transaction method in the inter-bank spot foreign exchange market and the market maker system in the inter-bank foreign exchange market, which improved the formation method of the central parity of RMB exchange rate.
On May 5, 2006, the central parity rate of RMB against the US dollar broke 8.00, reaching 7.9982 RMB against the US dollar 1.
On June 2007, 65438+1October 1 1, the central parity of RMB against the US dollar exceeded 7.8, reaching 7.7977 yuan, and the RMB exchange rate exceeded Hong Kong dollars for the first time since June 13.
On May 2, 2007, the central bank announced to relax the daily fluctuation range of RMB against the US dollar in the interbank market, from 0.3% to 0.5%. This is the first time since 1994 to adjust the fluctuation of RMB against the US dollar.
In April 2008 10, the central parity of RMB against the US dollar exceeded 7.00, but it has been consolidating around 7.00 since then.
On May 16, 2008, the central parity of RMB against the US dollar broke through 7.00 again, and in June 17 broke through 6.90, and RMB entered the 6.8 era.