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ing of the 1981-1984 years of reform and opening up, the policy has not completely let go. In October 1986, the international monetary fund will be classified as management floating exchange rate system in our country, our country has announced in April 1991, float, between 1985 and 1990, the yuan against the dollar after several adjustments, constantly changing. 1994 - July 2005, is the market transition. China from the planned economy system to market economic system transition period, great changes have taken place in the economic environment, international trade, foreign exchange market has changed, especially the outbreak of the Asian financial crisis of 1997 [4], makes the Chinese government and economists have to face the fact that on the one hand, economic globalization; On the other hand, is a political pluralism. Is the global expansion of market economy, makes the financial liquidity, accelerating the pace of financial innovation and financial innovation mode is constantly refreshed, such as the birth of the development of derivative financial products and financial engineering, financial innovative products are very important. More due to the formation of the European Union and the collapse of the Soviet union and eastern Europe, Japan, South Korea, Singapore, the development of the financial environment, whether in politics in the United States, or are subject to different levels of economic weakening. And that forChina, on the contrary is an opportunity. Between 1994-2005 RMB/us dollar exchange rate change is small, $1994 RMB exchange rate is 8.7, after the Asian financial crisis, a wandering around 8.27. On July 21, 2005, from the Chinese government (hereinafter referred to as 'revaluation') exchange rate reform, the RMB exchange rate to adjust for flexible operation, to avoid the defects of single peg to the dollar, instead of open showed a positive attitude.

 

1.3 the recent history of the exchange rate revaluation in 2005)

 

Since July 21, 2005, since the revaluation of RMB exchange rate system began to implement 'on the basis of market supply and demand, Reference to a basket of currencies, managed floating exchange rate system.' In May 2007, continued to expand the floating range, middle price of foreign exchange on January 3, 2006 to adjust to the appropriate value, and adopt inquiry system. The RMB exchange rate since 2006 appeared signs of appreciation, appreciation of the RMB 2, 2006 ﹪, until March 2010, the RMB appreciation has reached 20 ﹪. [5], in short, asChina's exchange rate reform of RMB exchange rate policy of a major turning point, regardless of the international financial situation, or in terms of domestic economic situation, has the reality urgency. For the revaluation of the analysis and evaluation, you should start to see the effect of expansion of flexible exchange rates, and can be for this problem since the revaluation of RMB appreciation to get a reasonable, rational explanation. For current European debt crisis, the us subprime mortgage crisis of the global financial environment, revaluation brings a series of policy guidance and the result will be miniature.

 

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