Major FX Reform
Introduced dual exchange rate system consisting of an
internal settlement rate (ISR) at 2.8 RMB/USD and
official rate at 1.5 RMB/USD.
Devalued the official rate gradually until it converged
with ISR by end 1984.
Abolished ISR and settled all international transactions
at the official rate.
Devalued the official rate to 3.7
Devalued the official rate to 4.7 in 1989 and to 5.2 in
1990.