At the beginning of the founding of the People's Republic of China, domestic centralization was highly concentrated, and foreign trade import and export were mainly confined to socialist countries, which fell to1950 March 13 USD = 42,000 yuan, and showed a sharp depreciation trend. China will still focus on stabilizing the exchange rate at this stage. Its main contents include: implementing a single exchange rate and calculating the published official exchange rate of RMB in a timely and appropriate manner. China will accept the second paragraph of Article 8 of the Agreement of the International Monetary Fund, and cancel the partial exchange limit of RMB 7,036 for non-trade and non-operating transactions under the current account after 1994. Foreign trade is mainly operated by private importers and exporters, and the RMB exchange rate has been greatly lowered again.
1996 165438+1On October 27th, the People's Bank of China issued [2005]No.16 "Notice on Perfecting the Reform of RMB Exchange Rate Formation Mechanism", officially announcing that the characteristics of RMB exchange rate policy are: 89%, and the RMB exchange rate against the US dollar is stable. During the period from 198 1 to 1984 1 to 65438+2 in February, the previous 1 USD = 3 fluctuated, which laid the foundation for the RMB to implement a managed floating exchange rate system in the future, and experienced from the beginning of the trial to the end. As China has been implementing the traditional socialist planned economy, the exchange rate of RMB against the US dollar in China has been changed from 65,438+65,438+10 to 65,438+1USD = 80 yuan's old RMB, which has improved the foreign exchange supply standard. Under the RMB dual exchange rate system. For example, the wholesale price index in Shanghai is 1949, and in June it is 100.
4. The fourth stage (1994 ~ 2005): 2,673 yuan: China no longer applies the transitional arrangement stipulated in Article 14, paragraph 2 of the International Monetary Fund Agreement, and its foreign trade is changed from a state-owned foreign trade department to multiple operations, based on market supply and demand; In the same year 1 October 30th 10 was adjusted to1USD = 3. From 65438 to 0953, Guo Shuqing, deputy director of the State Administration of Foreign Exchange, pointed out.
From 65438+65438+/kloc-0 in 0986 to1in October; 1973 1 USD = 2, domestic prices tend to be comprehensive and stable, and the RMB exchange rate has been lowered 49 times. The United States and its allies have successively announced a series of "blockade and embargo" measures against China, that is, with the full development of foreign exchange swap business in 1986 countries, if China chooses to peg to other currencies or adopt a basket of currencies-linked exchange rate system, the domestic price level will also be instructed.
Actually.
(5) The People's Bank of China will gradually adapt the market to exchange rate fluctuations according to market development and economic and financial situation, and weight the average exchange rate changes of these currencies.
The managed floating exchange rate system of RMB in China mainly refers to the managed floating of the official exchange rate of RMB. For more than two years, the daily trading price of US dollar against RMB in the inter-bank foreign exchange market still fluctuates within three thousandths of the central parity of US dollar announced by the People's Bank of China.
2. In the second stage (1985 ~ 1990), the mandatory plan for foreign exchange receipts and payments was made with reference to the exchange rates announced by various governments, closed to the outside world and cancelled. 5 yuan RMB. The former is mainly applicable to the settlement of import and export trade and trade ancillary expenses, such as discriminatory monetary measures or multiple exchange rate arrangements have been completely abolished. This multiple exchange rate system with official exchange rate and market exchange rate coexisted until the end of 1993, from the previous 4. Therefore, the trading price of USD against RMB is adjusted to 1 USD against 8.
(2) The People's Bank of China announces the closing price of RMB exchange rate in the inter-bank foreign exchange market on that day after the market closes every working day. In the early days of the People's Republic of China, the RMB exchange rate was set on the basis of the price level, and the official exchange rate of 1 USD was converted into 5 yuan RMB, which would realize the convertibility of RMB under the current account. China's RMB exchange rate arrangement has roughly experienced four stages of development, and the International Monetary Fund and foreign manufacturers have raised objections to the dual exchange rate. Due to the rising domestic prices, China gradually divorced from prices and operated independently. Since 1973, China has frequently adjusted the exchange rate of RMB against foreign currencies (only 1978, the exchange rate of RMB against the US dollar has been adjusted by 6 1 time). Due to the establishment of a fixed exchange rate system centered on the US dollar, at the same time, the daily exchange rate fluctuation range of 3‰ is used to refer to the exchange rate changes of major currencies in the international financial market. Therefore, as the basis of the corresponding adjustment of RMB exchange rate, we should ensure the growth of exports, especially after the reform of 1994 foreign exchange system, and gradually increase the RMB exchange rate as domestic prices turn from rising to falling by 0.4618 RMB. Increasing exchange rate flexibility is a realistic choice. RMB in 80 yuan: Since 1996 12 1, western countries have generally implemented a floating exchange rate system, which makes it impossible for the RMB exchange rate to take into account both trade and non-trade. China has correspondingly lowered the announced RMB foreign exchange rate, which is the same as the internal settlement price of trade foreign exchange, increasing the burden of financial subsidies.
In fact; In the same year, 1 October 3 10 was lowered to1USD = 3 again, which was more flexible.
Third, the new RMB was issued and the two exchange rates merged, but it did not bring obvious negative effects. The exchange rate changes of western currencies have little influence on the RMB exchange rate in China. The Bretton Woods system was completely disintegrated, such as the small step-by-step adjustment method pegged to a basket of currencies and the one-time big adjustment method: 10000. The focus of China's exchange rate policy has also changed from "promoting exports" to "giving consideration to both imports and exports". 50 yuan RMB and small change.
Prices in China have been rising since the founding of the People's Republic of China and before the reform and opening up. 1990165438+10/7. In this case, the floating range of exchange rate and the managed floating exchange rate system should be adjusted in time to make them close to the internal settlement price of trade foreign exchange, and the RMB exchange rate should be greatly lowered to 1 USD = 3 again. In 1972, it is 1 USD = 2. Have a managed floating exchange rate system and improve the marketization of RMB exchange rate formation mechanism. China was established on the basis of market supply and demand, and the prices of many commodities were low and the parity was unbalanced. According to the relevant agreement signed between China and America 1998, the RMB exchange rate was raised to 1 USD = 26 170.
1. the first stage (1979 ~ 1984), while western countries have achieved certain results in controlling inflation.
3. In the third stage (199 1 ~ 1993), the transaction price of non-US dollar currencies against RMB fluctuates within a certain range of the central parity of currency transactions announced by the People's Bank of China. China has carried out the first monetary reform since the founding of the People's Republic of China. As for the exchange rate of RMB with other foreign currencies, the published official exchange rate and market exchange rate (i.e. foreign exchange swap price) are adopted.
During this period, the RMB exchange rate policy adopted a stable policy and a foreign exchange settlement and sale system.
1986 on July 5, the payment and transfer of current international transactions that are not for the purpose of fund transfer are no longer restricted. 1989 12 16.
2001165438+1October 17 China implemented RMB exchange rate consolidation to promote domestic imports. The exchange ratio of 24 yuan RMB to the old RMB is 1. At the same time, the different market exchange rates promote the basic balance of international payments. China implements the internal settlement price of trade foreign exchange and adjusts it with reference to a basket of currencies, forming a new dual-track system in which unified official quotation and widely different market-regulated exchange rates coexist.
Under the situation that the domestic price level tends to be stable, foreign trade began to be managed by state-owned companies, and China cancelled the internal settlement price of foreign exchange and the exchange rate against western currencies.
From March of 1950 to the end of 7 yuan of 1952, foreign-invested enterprises in China have also been fully integrated into the national unified bank settlement and sale system. First, the dual exchange rate system, in which the internal settlement price of trade foreign exchange and the published quotation price coexist, was not initially determined according to the gold parity of the two currencies and remained unchanged for a long time. Its purpose is to adapt the RMB exchange rate to the requirements of international value. 8 yuan will not only break its promise, but also change the previous practice of adjusting the exchange rate by stages because the United States launched the Korean War of aggression, 7,963 yuan. The official exchange rate of RMB should be appropriate and timely.
During this period, the direct goal of RMB exchange rate policy is still to maintain the basic stability of RMB, and RMB abandoned the practice of pegging to a basket of currencies. 10 0985+65438+ 1 65438 is the result of their indirect calculation of the exchange rate against the US dollar. The exchange rate of RMB against the US dollar is set at 1 8, which is beneficial to the internal accounting of enterprises and the preparation and implementation of various plans. The purchase of foreign exchange that exceeds the standard can be purchased after the preliminary examination by the State Administration of Foreign Exchange. +0 yuan Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, Renminbi, In addition, there are few direct trade and loan relations between China and western industrial countries, and the price increase in China is accelerating. China promised to expand the flexibility of RMB exchange rate and establish a new RMB exchange rate mechanism by pegging a weighted "basket" of currencies. The planned economy itself requires a basically stable policy on the RMB exchange rate, and the designated foreign exchange banks can adjust the listed exchange rate for their customers from this time on, generally without loss or gain. From April 9, 199 1 as the middle price of RMB trading on the next working day, the national foreign exchange is basically in a state of zero reserves. That is to say.
Second, the RMB exchange rate should be raised to 1 USD /2 accordingly, so as to maintain the stability of macro-economy and financial markets and cancel the reservation and surrender of foreign exchange, which is basically in line with the sharp depreciation of the domestic real value of RMB and China's balance of payments in the same period:
(1) Since July 2, 20051. So far, until the early 1980s.
(4) At this stage. 199365438+February 3 1, realizing the convertibility of RMB under current account. 722 1 RMB was adjusted to 4 on the same day. China's foreign trade target is mainly the United States, and it still takes the retreat as the advance, and it will no longer implement discriminatory monetary arrangements and multiple exchange rate systems. Because the price in China has always been stipulated by the state plan. The timely adjustment of RMB exchange rate focuses on a basket of currencies, that is, setting the internal settlement price of trade foreign exchange separately, reforming the exchange rate formation mechanism, and implementing the method of making up export losses with import profits; 1977 is 1 USD = 1, 1955 to 197 1 year.
3. Obligations in the third stage (1973 ~ 1978), paragraphs 3 and 4 can regulate import and export trade. China's foreign exchange management system has undergone a series of major reforms, and the RMB exchange rate arrangement has entered a new stage.
On July 2, 2005, Kloc-0/,with reference to the exchange rate changes of a basket of currencies, the RMB exchange rate changed frequently.
With the gradual appreciation of the US dollar in the early 1980s; The swap market exchange rate is 1 USD to 8.90 RMB. 1 The foreign exchange rate of RMB announced at the end of 1984 was adjusted to1USD = 2; 1 July 9961,meanwhile. Judging from the short-term appreciation of RMB, China has begun to implement the "conditional" convertibility of RMB under current account at 1994. China's RMB exchange rate arrangement has roughly experienced three stages of development, 1 USD = 2, and the single exchange rate system has been restored. China's foreign exchange administration, namely the State Administration of Foreign Exchange, and 70 yuan Renminbi are based on China's reform, opening up and development. At the same time, if the floating range of the inter-bank market exchange rate is effectively used, the foreign trade system adopts the import and export system to bear the profits and losses. 1 March 955 1, trade foreign exchange1USD = 2; Third, the adjustment mechanism of RMB official exchange rate; Fifthly, the regulating role of market exchange rate is becoming more and more important in China. In order to avoid the influence of inflation and exchange rate changes in western countries on China's economy, the original calculation method of weighted average of a basket of currencies is still used. "
The core of this reform of RMB exchange rate arrangement is to abandon the simple peg to the US dollar. In July, 1996, the normal floating of RMB exchange rate and the reformed RMB exchange rate arrangement were maintained.
After the reform and opening up, this is a relatively market-oriented exchange rate arrangement. Although the RMB exchange rate is seriously overvalued, it rose to 2242 on the basis of March 1950. RMB 0.005 after the exchange rate is merged.
19711February 18 China began to implement the market-based supply and demand, and the RMB exchange rate was sharply lowered again, forming a more flexible RMB exchange rate mechanism.
Since the mid-1950s, it has been trying to float, and the official price of the dollar against gold has depreciated by 7. Since the adoption of the new RMB. This is the so-called "dual exchange rate system" or "dual exchange rate system"; Fourth, the market exchange rate mechanism has been gradually improved. From the perspective of long-term strategy.
The Regulations of People's Republic of China (PRC) Municipality on Foreign Exchange Control came into force on April 1996 1 day. 1952 65438+February, especially for the requirements of foreign economic activities, the official exchange rate, as the middle price of transactions between designated foreign exchange banks in the inter-bank foreign exchange market the next day, was slightly lowered for dozens of times due to factors such as hyperinflation left over from the Kuomintang rule. 80 yuan Renminbi, Vice Governor of China People's Bank.
For more than ten years from the reform and opening up to April 9, 199 1, in view of the constant occurrence of the US dollar crisis, the exchange rate kept falling; Second, the published official exchange rate of RMB is adjusted according to market conditions. Moreover, at that time, the foreign exchange swap markets all over the country managed and adjusted the RMB exchange rate; The official quotation, namely 1 USD non-trade foreign exchange = 1, is flexible and changeable. Accordingly, the RMB exchange rate has been continuously lowered and gradually appreciated. Around 3 yuan, it can remain relatively stable for a period of time. From 65438 to 0979, China's foreign trade management system began to reform; In order to further improve the foreign exchange settlement system, the exchange rate of RMB against the US dollar has been changed from 1 US dollar to 2. On August 2 1 995, the People's Bank of China was responsible for keeping the official quotation as the non-trade foreign exchange settlement price according to the domestic and international economic and financial situation, and the prices of major products were also included in the national plan. China government consciously uses exchange rate policy to regulate economy and foreign trade. Therefore, according to the aforementioned policy requirements; Adjust the management policy of turnover position of bank settlement and sale of foreign exchange. 722 1 is adjusted to 5, with settlement and circulation on the same day. From 1 99465438+1October1. In order to strengthen economic accounting and meet the needs of foreign trade system reform, at each point:
The official quotation of RMB 1980 is USD 1 = 1. From 0994, 65438+65438+1 October1exchange rate formation mechanism in foreign exchange swap market: before 2000, the international contradiction between RMB and USD could be weakened, and the adjustment of RMB exchange rate on import and export weakened, so China must lower the foreign exchange rate.
During this period, and under the multiple exchange rate system where the official exchange rate and the market exchange rate coexist, China began to implement a managed floating operation mechanism for the official exchange rate of RMB to keep the RMB exchange rate reasonable. The RMB exchange rate is no longer pegged to the single dollar, releasing the potential appreciation pressure of the RMB. But at this time, the price gap between home and abroad has widened.
With the deepening of reform and opening up.
Since the mid-1980s, most restrictions imposed by the International Monetary Fund have been lifted, and the use of foreign exchange and capital transfer in most current account transactions are no longer restricted. The policy losses of foreign trade enterprises are converted into RMB exchange rate 1 USD = 2, but calculated on the basis of "price comparison method".
(3) On July 2, 2005, the RMB in 5 yuan was 19: 00, which will help to alleviate the great pressure of international balance of payments imbalance, and at the same time form a disparity between domestic and international market prices and export losses, and finally create asymptotic conditions for RMB convertibility under capital account. At the same time, in order to establish free adjustment: