作者	郑双庆主编：吴灿飞
出版社
出版时间	2000-01-01

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片断：ExchangeRate1.Question:Whatistheimplicationoftheconsolidationofthedualexchangerate?Answer:Chinapracticedadualexchangeratesystemforaperiodoftime,namely,thecoexistenceoftheofficialexchangerateandthemarketexchangerate,inthelightofthecharacteristicsofitseconomicdevelopment.InordertokeepupwiththechangesinthevalueoftheRenminbi(RMB),promoteexports,balanceintemationalpayments,andmeettheneedsofthedevelopmentofthenationaleconomyandtheintemationaleconomy,andtheGeneralAgreementonTariffsandTrade,thedualexchangeratesystemwasconsolidatedintoasingle,controlledRMBfloatingexchangeratesystembasedonthemarketexchangerate.2.Question:Howdidthedualexchangeratebecomethesingleexchangerate?Answer:In1978,whenChinaexportedoneU.S.dollar's-worthofcommodities,thenadonalaveragecostofexchangeinRMBwas2.53yuan,buttheofficialexchangeratebetweenRMBandtheU.S.dollarwas1.5yuan.ThehighvalueoftheRMBresultedinlossesfromexportsandprofitsfromimports.Inordertochangethisirrationalsituadon,andmaketheRMBexchangeratesuittheactualconditionsinChina,thegovemmentbeganonJanuary1,1981,toadoptdifferentexchangeratesfortradeandnon-tradetransacdons,andfixedanintemalsettlingpriceforforeignexchangeforthesettlementofimportandexportaccounts.ItloweredtheRMBexchangerateof1.5yuanto2.8yuantooneU.S.dollar,devaluingtheChinesecurrencyby45percent.TheexchangeratebetweenRMBandtheU.S.dollarremainedunchangedbetween1981and1984.Theofficialratefornon-tradetransactionswaskeptinoperationandadjustedfromtimetotimeinaccordancewiththechangesintheintemationalmarketexchangerates.Atthesametime,astheU.S.dollarexchangerateintheintemationalmarketcontinuedtorise,theofficialRMBexchangeratewasgraduallylowered,anditbecameequaltotheintemalsettlingpriceforforeignexchangeinthetradeaccountbytheendof1984.BeginningfromJanuary1,1985,Chinacanceledtheintemalsettlingpriceforthetradeforeignexchangeeamingsandadoptedthesingleexchangerateof2.8yuanRMBto1U.S.dollar.After1985theRMBexchangeratewasloweredbybigmarginsseveraldmes.ByJune1986,oneU.S.dollarwassoldfor3.2yuanRMB.TheratewasagainadjustedfromlU.S.dollarto3.2yuanRMBto1U.S.dollarto3.27yuanRMBonJuly5,1986.Inotherwords.theRenminbiwasdevaluedby13.6percent.Itwasloweredto4.72yuanRMBto1U.S.dollaronDecember16,1989--adevaluationof21.2percent--andto5.22yuanRMBonNovember17,1990,adevaluationof9.57percent.BeginninginApril1991,theexchangeratewasregularlyandflexiblyadjusted.OnSeptember10,1993,theexchangeratewasloweredto5.78yuanRMB,adevaluationof10percent.OnJanuary1,1994,itwasloweredto8.7yuanRMB,adevaluationof50percent.