TNAG-1624-FCO40-2238-Relations-between-Hong-Kong-and-China-1987 — Page 202

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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

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