1979 In August, the State Council decided to reform the exchange rate system to meet the needs of foreign investment in China, and at the same time, to encourage exports, it implemented a quota reservation system for export foreign exchange. In this context, in order to adjust foreign exchange surplus and deficiency and solve the contradiction between supply and demand of foreign exchange, the State Council approved the opening of domestic foreign exchange adjustment business in June 1980 and June 10, and conducted it in China Bank. Since it has just started, adjusting the price range is defined as internal trade settlement.
The price (US$ 65,438 +0 equals 2.8 yuan RMB) is 65,438+00%, namely RMB 0.28 each. From 198 1 to 1, China implemented the system of published quotation and internal trade settlement. After several years of operation, it is found that economic development is accelerating, foreign investment in China is increasing, and the balance of payments is increasing substantially. At the same time, the coexistence of the two exchange rates has also brought many problems, which have been criticized by the international community and must be further reformed.
Therefore, starting from 1 985 65438+1October1,China announced the cancellation of the internal settlement price of trade, with only one published quotation. At that time, the quotation was $65,438 +0 and RMB 2.80. This exchange rate level was implemented from 198 1 1, and it has not played its due role after four years. 1985 adopted the method of gradual adjustment, and reached a new level of 1 USD 3.20 in that year1October. Later, due to domestic inflation, the RMB depreciated and the exchange rate was greatly lowered several times.
In order to promote the balance of payments of foreign-invested enterprises and improve the investment environment of foreign investors in China, the state allows foreign-invested enterprises in China to make foreign exchange adjustments, and the adjustment price is determined by the buyers and sellers through consultation. At the same time, the price of foreign exchange swaps of domestic institutions has also been relaxed to some extent. It is stipulated that the adjustment price of foreign exchange quota is 1 USD 1 RMB, and the spot exchange is adjusted to 1 USD 4.2 yuan RMB. Obviously, the adjusted price range of 1986 is higher than that of the initial period. That is, from the past official exchange rate of 10% to 3 1.25% higher than the official exchange rate. After 1988, China decided to further accelerate and deepen the reform of foreign trade system.
As a supporting measure, the market has also made corresponding adjustments. Domestic enterprises and foreign-invested enterprises are unified in one market, trading foreign exchange with each other, expanding the scope of participation in the foreign exchange swap market and liberalizing the foreign exchange swap price, which is determined by the relationship between supply and demand in the swap market. By the end of 1988, there were 90 foreign exchange adjustment centers in China, and coastal cities such as SAR and Shanghai developed rapidly.
For example, Shenzhen 1985 1 1 set up a foreign exchange adjustment center first, and Shanghai1988 set up an open market in April, implementing membership system. A class of economic and commercial members. The other is self-employed members. The adjustment center implements bidding and allows prices to float freely. In a word, the formation and development of China's foreign exchange swap market is accompanied by the deepening of China's economic system reform and the continuous expansion of opening up.