Management

In 1994 China foreign exchange system reform, abandoned scattered abroad the center of the foreign exchange market, have full-bodied planned economy. In their place, National forms a unified national foreign exchange market. The market mainly by The inter-bank market, foreign exchange market and buy between surrender The designated foreign exchange Banks and enterprise of participation. Based on the inter-bank market National interconnected foreign exchange trading system, management

The China foreign exchange trading center and), as the core of the formation of the exchange rate

Mechanism. The people's bank of China, the central bank, intervention in the market When necessary, to make sure the stability of the exchange rate. Although market of the bond between the bank In a previous special improvement foreign exchange center, it has Quite a number of problems, making it difficult to satisfy the need of an open market economy

In 1994, China's foreign exchange system reform decentralization and scrapped foreign exchange swap with strong flavor of the planned economy. In their place, the country to form a unified national foreign exchange market. This market is dominated by inter-bank market foreign exchange and purchase of foreign exchange market between banks and enterprises. Inter-bank market on the basis of inter-related across the country foreign exchange trading system, which is managed by the China Foreign Exchange Trade System (Trade Center) the core of the exchange rate formation mechanism. People's Bank of China (PBC) the central bank intervention in the market when necessary to ensure exchange rate stability. Although the interbank foreign exchange swap market before a remarkable improvement, but it is still a lot of problems, making it difficult to meet the open market economy.

First, the market volume is too small. In 2002, the volume in the market

It is 97.19 billion us dollars, accounting for only percent of China's total exports

That year...