Timeline: China’s reforms of yuan exchange rate


China Daily Mail

China took another step on Saturday towards turning the yuan into a global currency by doubling the size of its trading band against the dollar to 1 percent.

By peeling back trading restrictions on the yuan, Beijing is working toward its goal of having a currency that trades relatively freely, or is basically convertible, by 2015.

Below is a timetable of key reforms to China’s foreign exchange system.

1988 – China sets up semi-official currency swap centres around the country to allow firms to trade the yuan, also known as the renminbi or “people’s currency”, at a rate that better reflects market demand.

1994, Jan – China unifies its dual exchange rates by aligning official and swap centre rates, officially devaluing the yuan by 33 percent overnight to 8.7 to the dollar as part of reforms to embrace a “socialist market economy”.

1994, Apr – China sets up its first…

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About Commish Greg

I have had a life long love affair with the New York Yankees and baseball period. In my retirement I've discovered the hobby of sports game simulation through online gaming. I also have collected cards and memorabilia since I was 7 years old in 1961. I inherited from my uncle the collections starting from 1956 - 1960 and in 1961 I started my own collecting. I started an online league through Out Of The Park Development and their game OOTP16. The name of the league is the Alternate History Baseball League and it began in the 1954 baseball season when I and fifteen others held an inaugural draft and began the AHBL league in earnest. In my blog I will review the AHBL league and also mix some pop culture and historic events from real life. I hope you enjoy !
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