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32.
(e) For the
variety of bonds, such as
bonds, treasury bills, construction
fiscal bonds; issued by different
financial
bonds and
government
agencies, better coordination on the issuance is desired. As regards bonds issued by enterprises, there is a lack of adequate surveillance.
(iii) The foreign exchange system
not freely
Convertibility is
At
present, the Renminbi
with other currencies.
is
convertible
nevertheless much greater as compared
to
the earlier
years. Multiple exchange rates, specifically the official
rate, the swap market rates and the black market rates, co-exist in the foreign exchange system, and the official exchange rate is kept artificially high.
33.
Over the past years the Chinese government has
been introducing reforms to its foreign exchange system.
In December 1980, the Provisional Regulations For Exchange
Control were promulgated and became effective on 1 March
1981.
The Regulations, which were administered by the
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