1985 Abolished ISR and settled all international transactions
at the official rate.
Permitted foreign banks to set up branches, local
subsidiaries and joint ventures in the special
economic zones.
1986 Devalued the official rate to 3.7. -Applied to join the GATT (WTO).
-Created a foreign exchange swap rate.
1990
Devalued the official rate to 4.7 in 1989 and to 5.2 in
1990.
- “Beijing Massacre”
-Opened stockmarkets in Shanghai and
Shenzhen.