Paste the dog on the first floor. Let’s identify it first,

In fact, China’s RMB system has never been perfected. From the founding of the People’s Republic of China in 1949 to the reform and opening up in 1979, the issuance and management of RMB They were all issued strictly based on the GDP budget. Of course, this was the original words of the central bank at the time. There was no specific issuance mechanism. However, currency issuance and management were relatively strict in that era because there was no market economy. Without virtual finance such as bonds, stocks, etc., the face value of the RMB has been very stable at that time. Of course, I don’t mean that the currency issuance system and management system at that time were good. I just mean that China did not have any influence during that period. The impact of inflation,

From the reform and opening up in 1979 to Zhu Rongji's administration (until 2005), the issuance and management system of RMB was the so-called "basket of currencies", which actually focused on the US dollar exchange rate. In terms of foreign exchange reserves, for every US dollar owned, RMB of corresponding denomination is issued and put into the market. Because of the development of the virtual financial industry and the government's efforts to increase the speed of economic development, in the past two decades, the exchange rate of RMB against the US dollar has increased from 1979 to 1979. The depreciation from 1:1.5 to more than 1:8-3 in 2005. Although it is beneficial to the export of China's labor-intensive products and GDP growth, imported inflation and the internal depreciation of the RMB have caused huge losses to the people. It is a pity that to this day, most people still do not know that this is the predatory "seigniorage" with Chinese characteristics.

After 2005, the issuance mechanism and management mechanism of the RMB have become a black box, as everyone knows , the currency issuance mechanisms of the central banks of most countries in the world are transparent. They have clear fiscal budgets and currency issuance white papers. The market has a relatively reliable grasp of the amount and time of a certain country's currency. Since then, China has In the beginning, there was no mechanism for the issuance of RMB. There was only this sentence in the constitution: The People's Bank of China has independent currency issuance and management rights. As for how to issue it, on what basis, when to issue it, and how much to issue, no one knows. So a certain Some people are still talking about the internationalization of the RMB. They are just talking nonsense about a currency with an opaque issuance mechanism. Who dares to use it for long-term holding and trade?

So the answer to the poster’s question should be: China's RMB system has not yet been established.