CONFIDENTIAL #
G.F. 326
7
12.
With this more flexible approach, individual enterprises may have easier access to the state's foreign exchange reserves and greater freedom in using the foreign exchange earned by them, subject to the state's overall balance of payments position. This is intended to enhance the ability of these enterprises to respond quickly to overseas demand and to compete in the international market.
13.
(iv) Exchange rates of Renminbi
The official exchange rates of the Renminbi against the US dollar and the Hong Kong dollar, the two currencies in which most of China's external transactions are denominated, have been revised from time to time over
During the 1970s, the Renminbi was
the past years
(3)
(3)
Official exchange rates of the Rmb against the
US$ and the HK$ :
As at
end of
Rmb/HK$100
Rmb/US$
1971
40.2
2.29
1975
38.9
1.96
1979
30.5
1.51
1980
30.1
1.54
1981
30.8
1.75
1982
29.8
1.94
1983
25.3
1.97
1984
35.5
2.78
1985
40.8
3.19
1986
47.7
3.72
CONFIDENTIAL #3