The highest exchange rate 1994, 1 USD is 8.6 187 RMB.

When setting exchange rates, countries must choose a currency of 1653 as the main comparison object, which is called the key currency. According to the comparison of the actual value of domestic currency and key currency, the exchange rate between domestic currency and key currency is calculated, which is the basic exchange rate. Generally speaking, the US dollar is the currency used more in international payment. All countries regard the US dollar as the main currency for setting exchange rates, and often regard the exchange rate against the US dollar as the basic exchange rate.

The RMB exchange rate has gone through a development stage.

1949-1953:1949 65438+1October 18 Tianjin Bai first released the exchange rate of RMB against the US dollar, which was adjusted by1953 for dozens of times. From 1 $ = 80 RMB to 26 170 RMB (195265438+February), the lowest is 42000 RMB (1April 950), which is determined by the weighted average of RMB export price, import price and overseas Chinese commodity price.

1953- 1970: the RMB exchange rate is basically unchanged, which is related to the adoption of a fixed exchange rate internationally. The foreign trade state monopolizes, conducts unified accounting and subsidizes import and export. 1 $ = 2.46 18 RMB, and the exchange rate does not adjust the import and export.

1970 ——1985: RMB exchange rate in a basket currency method. 7 1 73 USD depreciated twice, and the fixed exchange rate system collapsed. We began to adjust the RMB exchange rate frequently, pegged to "a basket of currencies" and adjusted with the changes of a basket of currencies. Dollar, mark, Japanese yen, British pound and Swiss franc have always been the main currencies in the basket.

1972, 1 $ = 2.2 ￥; 1980 1 USD = 1.5 RMB, and the rising currency value is not conducive to foreign exchange receipts and payments. Since 8 1, the public quotation is 1 $ = 1.5 RMB, and the internal settlement price is 1 $ = 2.8 RMB.

After 1986, a managed floating exchange rate system was implemented with the US dollar as a limited flexible exchange rate. 199 1 year, 1 $ = 5.4423 RMB, and conscious downward adjustment is beneficial to export exchange.

First time:1June to September, 1985, 1$=2.8 was adjusted to 3.20, and depreciated by12.5%; Second time:1July 5, 986 1$=3.7036 depreciation13.6%; Third time:1989 65438+February 16, 1$=4.722 1 devaluation 21.2%; The fourth time:1990165438+10/7,1$ = 5.2221.1985. After that, the adjusted price will be released, with the lowest 1$=5.5 and the highest 650.

Short-term capital flows are often greatly influenced by exchange rates. When the local currency depreciates, domestic investors and foreign investors are unwilling to hold various financial assets denominated in local currency, and will convert them into foreign exchange, leading to capital outflow. At the same time, due to the continuous exchange of foreign exchange, the demand for foreign exchange is in short supply, which will push the local currency exchange rate further down.

When the local currency shows an appreciation trend, both domestic investors and foreign investors strive to hold various financial assets denominated in local currency, which will lead to capital inflows. At the same time, since foreign exchange has been converted into local currency, the oversupply of foreign exchange will further promote the exchange rate of local currency.