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a sharp
depreciation in the swap market rate to a historic
low of nearly Rmb 11 per US$ by mid-June. It closed at Rmb
10.47
per US$ at the end of June, representing а depreciation of 26.4% from end-1992 (16). Throughout the
first half of 1993, the official exchange rate of the
Renminbi was kept virtually unchanged. It stood at
Rmb 5.7612 per US$ at the end of June.
14.
External borrowings from international financial
an important source of funding for
institutions remained
China.
On 21 June,
US$490 million
to
transportation system.
the World Bank approved a loan of
improve its grain
China
to
As to the Asian Development Bank
(ADB), the following technical assistance grants were offered to China during the second quarter of 1993:
Amount of technical
assistance grant
Approval date
12 May
US$183,000
17 May
US$600,000
25 May
US$600,000
23 June
US$550,000
24 June
US$300,000
Purpose
For development of the fertilizer sector
For regulation and supervision of securities markets
For policy and planning support for education in Hebei Province
For integrated rural development of minorities areas in Yunnan, Guizhou and Guangxi
For study of small-scale fertilizer plants
(16)
Following
announcement of
the "16-point plan" on 3 July and with interventions through heavy selling of US dollars by the Chinese swap centres,
government in the major
the market exchange rate of the
recoup some of the lost ground.
Renminbi managed to
At the end of August, it stood at Rmb 8.8 per US$ in the Shanghai centre.
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