Unified the dual exchange rate and adopted the swap
market exchange rate of 8.7 RMB/USD.
Allowed foreign banks to conduct local currency
transactions.
1995-
1996
Revalued to 8.3 and allowed the RMB to be fully
convertible under the current account.
- Experienced high inflation.
-Allowed foreign investors to exchange currency
more easily.
1997 Revalued the RMB to 8.28. “Asian financial crisis”
2005 Revalued the RMB by 2.1% on July and adopted a
managed float regime with a basket of currencies.
Established USD4bn QFII quota in 2002 and
increased to USD10bn in July 2005.
2007 Expanded the trading band from 0.3% to 0.5%. - Increased QFII quota to USD30bn.
-GDP growth hit 13-year high.
2008 Pegged the RMB against the USD close to 6.83 from Jul
2008 to Jun 2010.
- “Global financial crisis”
- Began RMB-settlement trials.
2010
Announced, on June 19, further reform of the RMB
exchange rate regime based on measures taken in
2005.
- Improved economic conditions.
- Expanded scope of RMB-settlement.