1990 1 USD converted into 4.783 RMB; 1 USD to 800 won

1980- 1990: The Bank of Korea decided to change the Korean won from a single dollar peg to a basket of currencies. At the same time, the foreign exchange trading certificate system will be abolished. At this stage, the exchange rate of Korean won against the US dollar further depreciated on the basis of 480: 1, and gradually stabilized to 800: 1.

1990- 1997: The Bank of Korea announced that it would replace the pegged basket currency system with the market average exchange rate (MARS) system and implement the "floating+range" arrangement under the market average exchange rate system, that is, set the daily exchange rate fluctuation range, which was gradually expanded later. At this stage, the Korean won exchange rate once again entered a stable period, with an average exchange rate of 800: 1 USD.

During the period of 1990, a well-known sensitive incident occurred in China, which triggered a debate on reform and opening up, and the marketization process was in danger of being interrupted.

1992 At the beginning of this year, Deng Xiaoping made a speech on his southern tour, saying that if he did not engage in reform and opening up, he would only have a dead end and the economy would develop faster. This speech has played a decisive and positive role in promoting reform and opening up.

References:

Baidu encyclopedia-exchange rate