 Wysłany: Pon 13:58, 25 Kwi 2011 Temat postu: mbt laarzen Open the context of transition and the |
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| Open the context of transition and the evolution of China's foreign exchange market: theory and policy development context
Abstract: This article from the perspective of the development of the foreign exchange market, analyzes the foreign exchange market in China since reform and opening up the germination, development and improvement of China's foreign exchange market, the development of theory and policy context that China's foreign exchange market always open market economy in China establish and improve the process are closely linked. Authors believe that the reform and opening from the background to grasp the evolution of China's foreign exchange market, China's foreign exchange market for the seeds of understanding, improvement and further development of great theoretical and practical significance. Key words: economic history, the foreign exchange market, open economy,mbt chaussures paris, market and standardization. foreign exchange market is the product of a country's economic opening. In open conditions, international economic exchanges between the formation of the obligations between the State and monetary payment relationship, resulting in foreign exchange transactions, the establishment of the objective needs of the foreign exchange market. Development from the perspective of the foreign exchange market, foreign exchange market in China since reform and opening up the seeds, develop and improve, always with an open market economy in China to establish and improve the process are closely linked. From the reform and opening to grasp the context of the evolution of China's foreign exchange market, analyze the development of the theory and policy context for understanding the seeds of China's foreign exchange market, improve and further development is of great theoretical and practical significance. theory, the foreign exchange market is the place to trade or foreign exchange trading network, its existence on the premise that the market allocation of foreign exchange resources, which has sold and the buyers of foreign exchange reform and opening up before the implementation of unified revenue and expenditure of foreign exchange management system, all foreign exchange earnings must be sold to the State, all foreign exchange expenditures must be arranged by the state plan,Belstaff España, which does not exist buyers and sellers of foreign exchange, foreign exchange market does not exist, unified revenue Although the foreign exchange management system support was a highly centralized planned economic system and foreign trade state monopoly system to adapt to the product, but also the scale of China's foreign trade was small, the small amount of foreign exchange income and expenditure to ensure that the case of balance of payments and the RMB exchange necessary requirement for the exchange rate basically stable. The foreign exchange market to gradually improve from the bud, it is also the context of reform and opening up of open market economy and gradually establish and improve the objective requirements. one of China's reform and opening to explore the seeds of the foreign exchange market: foreign exchange swap market stage (1980-1993) 1978 年 12 18, as China's economic development major turning point of the Communist Party of China held the Third Plenary Session. Since then, promote opening up, the implementation of market-oriented reforms into the exploration stage of implementation, the objective for the foreign exchange market and create the conditions for germination. Historically, the development of foreign exchange swap market to meet the initial stage of reform and opening up was the need for further development of the foreign exchange market has ground-breaking significance. Strictly speaking, the foreign exchange swap market is not the true sense of the foreign exchange market, but between different market players the right to use the paid transfer of foreign exchange can only say is a burgeoning foreign exchange market. Restrictions on the objective economic environment and foreign exchange swap market itself has flaws, caused by foreign exchange swap market is also very obvious shortcomings, such as foreign exchange reduced the administrative planning and scheduling efficiency of the allocation of foreign exchange resources; strict foreign exchange controls were difficult to mobilize the unit to expand the enthusiasm of foreign exchange earnings, but also to our long-term is difficult to change the pattern of export-oriented primary products; foreign exchange non-market allocation of resources so that companies can not operate according to market supply and demand activities, the resilience of poor; the combined effect of these factors also tend to distort RMB exchange rate formation mechanism, and so on. With an open market economy gradually improved, increasing the presence of these defects restrict the development of the foreign exchange market itself, thus the objective for the foreign exchange swap market in the new stage of development further to the development of a fairly standard set forth requirements for the foreign exchange market. (A) of the foreign exchange swap market in the bud and start (1980-1985) With the continuous deepening of reform and opening up exploration, the traditional system of foreign exchange under the highly centralized management system has become increasingly unable to meet the objective economic development, mainly in the way of transfers of foreign exchange resources,christian louboutin scarpe, flexibility and export enterprises export their initiative, resulting in the RMB exchange rate to a certain degree of distortion. In this condition, to mobilize the enthusiasm of foreign exchange earning export enterprises, and with the foreign trade system, the State Department and August 13, 1979 issued The so-called foreign exchange retention is the export enterprises will be sold to the state foreign exchange export earnings, the state required to give exporters the proportion of foreign exchange retention quota place, use of foreign exchange, the use of foreign exchange unit coupled with the amount in RMB, the exchange rate quoted by the state to purchase foreign exchange. The implementation of foreign exchange retention system, under the conditions at the time of export enterprises to effectively mobilize the enthusiasm to promote the development of foreign trade. However, in the foreign exchange retention system, the implementation process there have been some problems, mainly for the amount of foreign exchange foreign exchange resources with the actual separation, the formation of foreign exchange supply and demand for foreign exchange to a certain degree of dislocation and, if they are not enterprises have foreign exchange retention need to use foreign exchange, and some companies did not need to use the foreign exchange foreign exchange retention quota, the State Planning Commission, arrangements often can not be met. Such a mismatch between supply and demand of foreign exchange swap market had an inner need. October 1980 and the State Administration of Foreign Exchange Bank of China formulated the have been released. foreign exchange swap market in China during this period the main features are: (1) the intermediary is a foreign exchange swap the Bank of China. (2) Participation is limited to foreign exchange swap the main state-owned and collective enterprises. (3) adjust prices in U.S. dollars against the yuan to trade within the settlement price ($ 1 co 2.80 yuan) for the base and within the range of 10% of the fluctuations (that is, a dollar price ceiling for the combined 3.08 yuan.) (4) Use only cash transfers of foreign exchange, foreign exchange retention quota must first be carried out into the swap, in August 1978 after allowing sale of foreign exchange quotas. (5) set up in Shenzhen, the end of 1985 the foreign exchange swap centers, then in other special economic zones have been set up. Although China's foreign exchange swap market does not belong to strictly foreign exchange market, however, as under the planned economy system of income and expenditure of foreign exchange regime and to some extent, break into the market mechanism, its significance is far-reaching innovative . reform and opening up the initial exploration, the degree of opening up China's economy expanded rapidly, the market system and gradually establish, with relatively rapid growth of foreign exchange earnings, but the foreign exchange supply and demand is still very prominent. Meanwhile,MBT Schuhe günstig, the expansion of aggregate demand, higher domestic prices, export swap costs. At this point, stage of foreign exchange swap markets have been established by the price fixing do not reflect the actual supply and demand. Resulting in the swap market in 1984, the no-city, illegal foreign exchange trading over the counter high prices increased. In response, in October 1985 began to raise amount of foreign exchange trial in Shanghai, the swap price, up to a dollar limit combined four yuan, the same year in November, set up in Shenzhen City, the first foreign exchange swap center, buyers and sellers of foreign exchange is no longer directly transaction. In the foreign exchange swap centers, also relaxed restrictions on foreign exchange swap prices. Since then, the rapid increase in the number of foreign exchange swap, the State Administration of Foreign Exchange foreign exchange transactions in the summary of the two cities on the basis of pilot experience on the foreign exchange swap approaches to reform. (b) the formation of foreign exchange swap market framework (1986-1987) 1986, China's foreign exchange swap market development has entered a new stage. During this period China's foreign exchange swap market, the main reform: (1) foreign exchange swap business from the Bank of China for the transfer to the Administration of Foreign Exchange, March 1986, SAFE issued the several provisions of the swap, This is the entire financial system reform to promote development in the foreign exchange market, a reflection of the course. (2) October 1986, the State Council promulgated the This is because the reform and opening up policy and China's vast market, attracted increasing foreign investment, foreign invested enterprises are also increasingly prominent foreign exchange imbalance, need to provide a market-oriented environment to solve this problem. (3) increased foreign exchange swap prices, foreign exchange retention quota provisions of $ 1 price of 1 yuan, foreign exchange swap ceiling price of 4.2 yuan, Special Economic Zone, Hainan Administrative Region, foreign-invested enterprises in foreign exchange adjust gradually liberalized the prices of freely negotiated by the buyers and sellers. (4) Following the Shenzhen,mbt laarzen, the provinces, autonomous regions, municipalities and separately listed cities have set up a foreign exchange swap center. After these adjustments, foreign exchange swap market to become more active, trading volume increased significantly after the third quarter of 1986, the country adjust their foreign exchange turnover was 18.9 billion U.S. dollars, in 1987 soared to 42 billion U.S. dollars, October 1986 to October 1987, foreign-invested enterprises foreign exchange swap turnover was 1.6 billion U.S. dollars. After this phase of efforts, China's foreign exchange swap market has begun to take the framework, but More articles related to topics： air jordan high heels teaching mbt batai Comprehensive Teaching of English abilit mbt chaussures paris second class |
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