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Reminbi Exchange Rate Reform
The reform of RMB exchange rate has been the widely focal issue at home and broad since two years ago. The system of foreign exchange administration has gone through important reforms since 1994 till now. The RMB exchange rate, after exchange under the regular items are completely exchangeable. has remained around 8.27 for years under the name of implementing controlled floating exchange system , The economy has kept developing at a high speed for years, with expanding favorable balances, and sharp growing foreign exchange reservation . People begin to realize that it is necessary to implement more flexible regulation and control system.
On July 21,the Central Bank announced to implement the controlled floating exchange rate system, that is, to take the market supply and demand as the foundation, to carry on an adjustment according to its basket of currency with controlled floating exchange rate. The reform has three aspects: One is the exchange rate exchanges 8.28 Yuan from 1 US dollar to adjust to 8.11 Yuan with 2% rise. Two is the Renminbi gets unhooked with US dollars, and the exchange rate refers to a basket currency formulation. Three is the daily wave amplitudeof Renminbi exchange rate is in 0.3% on the basis of preceding transaction date closing price .
8月9日，央行宣布改革银行间外汇市场，为非银行金融机构和非金融企业进入该市场开了“绿灯”，同时首次引入询价这种更为市场化的交易方式，首次允许在该市场内开展远期外汇交易Foreign Exchange Forward和掉期交易swap。这意味着，央行正致力于逐步推进人民币汇率的市场化。
On August 9, the central bank announced the reforms between the bank the foreign exchange market, which opens the green light for the non- bank financial organ and the non- financial enterprises to enter this market, simultaneously transaction of inquiry was firstly introduced into the market . What’s more, the foreign exchange forward and swap are allowed to develop in this market. This means, the central bank is devoted to the gradual advances of the marketing the Renminbi exchange rate