【正文】 the previous year. In 1992, it reached $25 billion. By 1993, there were 108 foreign exchange swap centers across the country Before 1991, the swap market rate was applied to about 50% of China’s foreign exchange transactions, but after 1991, the share rose to 80% Thus, the foundation for future exchange rate unification was already established. 4. Exchange rate unification and achieving the current account convertibility In November 1993, the Third Plenum of the Fourteenth Party Congress formally adopted a reform model of establishing a socialist market economy. Soon thereafter it began implementing its most prehensive reform package yet, covering major aspects of the economy including taxation, banking, foreign exchange, foreign trade, investment, and stateowned enterprises (SOEs). In fact, these measures, largely paved the way for China’s eventual accession to the WTO in November 2020. In the area of foreign exchange, the most prehensive reform of the official exchange rate system was adopted since the inception of economic reform in 1979. The RMB official and swap market rates were unified at the swap market rate per US$ that prevailed at the end of 1993. The foreign exchange retention scheme was abolished and the foreign exchange swap business for domestic enterprises terminated accordingly. Under the new system, domestic enterprises were required to sell all their foreign exchange receipts to designated foreign exchange banks. Foreign exchange controls on imports were also abolished. Domestic importers could purchase foreign exchange needed for imports through designated foreign exchange banks upon presentation of import contracts and valid mercial documents. Foreign exchange reform gained new momentum in 1996. In March, the SAFE started to experiment with a system of allowing FFEs to purchase and sell foreign exchang through designated foreign exchange banks in Jiangsu, Shanghai, Shenzhen, and Dalian and to allow foreign funded banks to provide such services to FFEs (but not domestic enterprises). After some modifications, a new system for the surrender, sale, and payment of foreign exchange was extended nationwide on July 1, 1996. Forward contract arrangements with the BOC as the counterparty were permitted with trading mencing in early 1997. The maximum maturity of 4 months was later extended to 6 months. In addition, measures were taken to reduce trade barriers。 Reform。 Section 5 describes the marketoriented exchange reform in 1994 and additional measures taken to achieve RMB current account convertibility in late 1996。整個改革過程的特點(diǎn)是大量的貿(mào)易自由化，最初的官方匯率調(diào)整，外匯市場的發(fā)展，放寬對經(jīng)常性國際交易，并建立一個資本賬戶控制框架。作為談判的結(jié)果，中國已經(jīng)同意大幅開放國內(nèi)金融市 場對外國投資。 第 4 外匯調(diào)劑市場的快速發(fā)展，專注于 20 世紀(jì) 80 年代中期以后直到 1993 年。權(quán)力下放的自然結(jié)果，是在外貿(mào)部門的壟斷力量的損失。留成制度，國內(nèi)出口企業(yè)被允許保留其外匯收入的若干部分。這是基于的前提下，在中國基本消費(fèi)品和服務(wù)的價格是大大低于那些在發(fā)達(dá)經(jīng)濟(jì)體。 9 月核準(zhǔn)了由外經(jīng)貿(mào)部提交的改革建議。貶值的決定是盡可能多的政治妥協(xié)，因?yàn)樗菫榱耸垢辖?jīng)濟(jì)基本面率。 1985 年 12 月，當(dāng)局終止了在中國銀行的外匯掉期業(yè)務(wù)。通貨膨脹率下降，由 1990 年的貿(mào)易收支轉(zhuǎn)為盈余。當(dāng)局還采取了措施，以精簡，進(jìn)一步理順外匯留成制度。因此，未來匯率統(tǒng)一的基礎(chǔ)已經(jīng)確立。還取消了外匯管制，進(jìn)口。因此，中國的平均關(guān)稅水平從 ％下降至 23％。這些戰(zhàn)略在很大 程度上反映了政府的政策重點(diǎn)放在加強(qiáng)實(shí)體經(jīng)濟(jì)部門的經(jīng)濟(jì)和出口能力 盡管顯著的進(jìn)步，中國仍然在很大程度上依賴于政府的控制，以確保其匯率制度運(yùn)作的。 。 在 2020 年 11 月，中國結(jié)束了加入 世貿(mào)組織。 在一封信中向國際貨幣基金組織（ IMF）， 1996 年 11 月 27 日 中國人民銀行行長戴相龍宣布，中國將第八條基金的章程，協(xié)議開始 1996 年 12 月 1 日接受所規(guī)定的義務(wù)。 外匯改革在 1996 年獲得了新的動力。此后不久，開始實(shí)施最全面的改革方案，涵蓋了經(jīng)濟(jì)的主要方面，包括稅務(wù) 、 銀行 、 外匯 、 外貿(mào) 、投資國有企業(yè) 。境內(nèi)個人外匯掉期市場上銷售的限制被拆除。 匯 率現(xiàn)在已經(jīng)成為宏觀經(jīng)濟(jì)運(yùn)行的重要信號。后來，其他經(jīng)濟(jì)特區(qū)建立類似的外匯調(diào)劑中心。 外匯調(diào)劑市場外匯留成制度 和需要提供出口補(bǔ)貼的財政負(fù)擔(dān)，鼓勵出口，而不 是 真正開發(fā)出來。 1979年改革和 1984年改革的一個根本的區(qū)別，主要是為了 1979年的改革，下放外貿(mào)管理授權(quán)地方政府和工業(yè)部，而 1984 年的改革尋求獨(dú)立的政府管制，使外貿(mào)企業(yè)。的說法，主要是因?yàn)樵诂F(xiàn)有的 官方匯率，許多出口商不能夠覆蓋其出口成本。保留配額的持有人可以購買由政府外匯配額（官方匯率）表示的數(shù)額。到 20 世紀(jì) 90 年代中期，人數(shù)突破10,000 人。和第 7 提供了一個總結(jié)和一些結(jié)論性意見。已經(jīng)轉(zhuǎn)移到中國的外匯改革的最后邊界。 關(guān)鍵詞：中國外匯改革； 資本流動性 經(jīng)過 18 年堅持不懈的努力，中國在 1996 年 12 月實(shí)現(xiàn)了經(jīng)常賬戶可兌換的貨幣。 and Section 7 provides a summary and some concluding remarks. 2. The reform in 1979 and adoption of the ISR The first round of external reform started in 1979. The discussion in Section 2 suggests that the foreign trade reform would involve three interrelated aspects: breaking up the monopoly to encourage petition among trading firms, abandoning central planning to allow market forces to play a major role in allocating resources, and making foreign trade firms financially independent. Accordingly, the fundamental task of exchange reform was to transform the foreign exchange allocation mechanism from one that was dictated by government planning to one that was based on market principles, and to establish a marketoriented regulatory framework. At the initial stage of reform, Chinese policymakers had no clear reform model in mind. The reform measures taken in 1979 had mainly focused on decentralizing some of the foreign trade management power and allowing more foreign trade corporations to be established. A natural consequence of decentralization was the loss of monopoly power in the foreign trade sector. At the end of 1981, abou