1.1949-1952,the RMB exchange ratedetermination stage.
RMBexchange rate system,originally in January 18, 1949inTianjin,one after anotherin theport and thecitylisted in July 8, 1950 thenational unityof the renminbi exchange ratequotation.
2.1953-1973,the fixed exchange rateperiod.
In 1953China'seconomic plan,long-termstable prices,international practiceBretton Woods monetary system,stabilizing the exchange rate ofmajor international currency.
3.1973-1993,RMB exchange ratestage.
With the 70'sthe collapse of Bretton Woods system,many countriesadoptedfloating exchange rate system,the RMB exchange ratealsoreference to the foreignexchange rate fluctuations,andbyfocusing on "a basket of currencies"way to adjust.
4.1994-2005,themarketexchange ratestage.
From 1994January,RMB exchange ratesystem.The official exchange rate andthe market exchange rate.The RMB exchange ratebased on thefloatingstate of supply and demand offoreign exchange market,monetary authoritiesthroughthe sale of foreign exchangeintervention in the foreign exchangemarketexchange rate.In this way,the RMB exchange rate hasformed a single,based on market supply and demand,managed floating exchange rateformation mechanism,thusbasicallyrealized thetransitionfrom the officialexchange rateto the marketexchange rate.
5.2005.7.21- now,to further improve themarketexchange rate formation mechanism.
Since July 21, 2005,China began toimplement based on market supply and demand,referenceto a basket of currencies,the managed floating exchange rate system.RMB exchange rate is no longerpegged to the US dollar,the formation ofamore flexible RMB exchange rate mechanism.At the same time,people "s Bank of Chinais responsible for thedomestic and international economic and financial situation,based on market supply and demandwith reference to abasket of currencies,exchange rate changes,management andadjustment of theRMB exchange rate,maintainthe fluctuation of RMB exchange rate,keep the basic stability ofthe RMB exchange rate at a reasonable,balanced level,promote international balance of payments,the maintenance of macroeconomic and financialthe stability of the market.
From the reformof RMB exchange rate regime,similarity,and marketizationof RMBinterest rateat the same time,one of the important contents ofmarketizationandfinancial deepeningexchange rate.Exchange rateis one of theimportant factors affecting therate of.At the same time,vary from minute to minuteandthe domestic financial marketis closely related tothechangesin the international financial market,exchange rate changeslead to international capital flows,theimpact of money supplyin China,thusthe impact of China'scurrency interest rate.
China's market-oriented reform of interest ratesmainly through thefollowing four steps:
1.1996 yearslet go ofinterbank offered rate.Set up theChinainterbank offered rates(ChinaInter-bankOfferedRate,CHIBOR)
2.1997 yearsof openbond market interest rates
3.2004 years to achieve"lower lending rates,deposit rates and cap".
4.2007 years ofpromoting the money market benchmark interest rateSHIBOR,the formation of the currentregulated interest rate andmarket interest ratethe two-track system ofinterest rate system.
Build a bridge ofmarket interest rate andinterest rate,monetary policy transmission channels,is the inevitable choiceof economic transition of our country.The formation ofmarket benchmark interest rateis the corefactor,SHIBORofficially launchedbearingthe historical responsibility.