The RMB exchange rate system is fixed exchange rate system or floating exchange rate system

It is a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies.

Since July 21, 2005, China has managed the floating exchange rate system.

The new system takes the market exchange rate as the sole value standard for currencies of other countries, which makes the supply and demand of foreign exchange in the foreign exchange market the main basis for determining the RMB exchange rate.

The main contents of the exchange rate mechanism reform implemented at that time include three aspects: 1.

2. Determination of the central price and daily floating range;

3. Adjustment of starting exchange rate;