The dual-track system of RMB is the dual-track system of RMB exchange rate.
In 1979, my country's foreign trade management system began to reform, and foreign trade was changed from one state-owned foreign trade department to multiple operations. Since my country's prices have always been set by the national plan and have not changed for a long time, the prices of many commodities are low and the price ratio is imbalanced, resulting in a situation of huge price differences between domestic and foreign markets and export losses. This makes the RMB exchange rate unable to take into account both trade and non-trade. Two aspects. In order to strengthen economic accounting and adapt to the needs of the reform of the foreign trade system, the State Council decided to implement two exchange rate systems starting from 1981, that is, to separately formulate an internal settlement price of trade foreign exchange and continue to retain the official price as the non-trade foreign exchange settlement price. This is the so-called "dual exchange rate system" or "dual-track exchange rate system."
In 1980, the official price of RMB was 1 US dollar = 1.5 yuan. From January 1981 to December 1984, my country implemented an internal settlement price for trade foreign exchange, with 1 US dollar of trade foreign exchange = 2.80 yuan; the official price was 1 US dollar of non-trade foreign exchange = 1.50 yuan. The former is mainly applicable to the settlement of import and export trade and trade ancillary expenses; the latter is mainly applicable to the exchange and settlement of non-trade foreign exchange, and still uses the original weighted average calculation method of a basket of currencies.
"Dual-track" exchange rate: An enterprise's export foreign exchange receipts are divided into two parts. One part must be turned over to the state at a lower official exchange rate, and the remaining part can be sold at an adjusted market exchange rate or can be adjusted according to market supply and demand. Signal import profitable goods