The first stage (1978- 1993) started the reform of foreign exchange management system, which was characterized by strengthening the autonomy of foreign exchange of enterprises and implementing the dual-track exchange rate system.

The second stage: (1994-2000), initially determining the institutional framework of foreign exchange management under the conditions of socialist market economy.

In the third stage (200 1-20 12), the foreign exchange management system based on market regulation was further improved.

In the fourth stage (from 20 13 to now), the liberalization and facilitation of trade and investment and the prevention of cross-border capital flow risks are generally balanced, and the reform and opening up in the foreign exchange field has made historic achievements.