Major FX Reform
Introduced dual exchange rate system consisting of aninternal settlement rate (ISR) at 2.8 RMB/USD andofficial rate at 1.5 RMB/USD.
Devalued the official rate gradually until it convergedwith ISR by end 1984.
Abolished ISR and settled all international transactionsat the official rate.
Devalued the official rate to 3.7
Devalued the official rate to 4.7 in 1989 and to 5.2 in1990.