What is the actual RMB exchange rate system
According to the relevant laws of our country, the RMB The exchange rate implements a managed floating exchange rate system based on market supply and demand. The foreign exchange administration department of the State Council supervises and manages the national foreign exchange market in accordance with the law.
"Foreign Exchange Management Regulations"
Article 27 The RMB exchange rate shall be based on market supply and demand based on a managed floating exchange rate system.
Article 28 Financial institutions engaged in foreign exchange settlement and sales business and other institutions that meet the conditions prescribed by the foreign exchange administration department of the State Council may follow the regulations of the foreign exchange administration department of the State Council. Provides for foreign exchange transactions in the interbank foreign exchange market.
Article 29 Foreign exchange market transactions shall follow the principles of openness, fairness, impartiality and good faith.
Article 30 The currencies and forms of transactions in the foreign exchange market shall be prescribed by the foreign exchange administration department of the State Council.
What are the types of foreign exchange asset controls
Administrative control refers to the government’s supervision and control of foreign exchange transactions, foreign exchange assets, sources and uses of foreign exchange funds through administrative means. The specific measures include:
(1) The government monopolizes foreign exchange trading. The government controls all foreign exchange transactions through the foreign exchange management agency. The exchange rate is officially determined and trading is restricted.
(2) The government regulates private foreign exchange assets. The government forces domestic residents to apply for all foreign assets they own in order to have as much foreign exchange assets as possible that can be used in times of emergency.
(3) Control of imported foreign exchange. It is stipulated that the foreign exchange received by exporters must be sold to designated foreign exchange banks at the official price, and the foreign exchange required by importers must apply for approval from the management department and cannot be used to offset expenditures.
(4) Control capital export and import. Regardless of the amount of capital export and import, it must be declared to the exchange management agency on a transaction-by-transaction basis. Without approval, any resident or Non-residents are not allowed to borrow debts from abroad, let alone export foreign exchange and gold abroad.
Quantitative control refers to the quantitative regulation and control of foreign exchange receipts and payments. Among other things, Specific measures include:
(1) Import quota system. The foreign exchange management agency will impose different restrictions on the quantity and type of materials that the country needs to import in a certain period of time. The foreign exchange required by importers is subject to quota allocation.
(2) Foreign exchange sharing system. The foreign exchange management agency designates the foreign exchange obtained from exports according to the needs of certain aspects of the country. The share ratio. The specific forms of the foreign exchange sharing system include the retention of cash exchange, the retention of quota, or the retention of exchange settlement certificate.
(3) Import and export chain system. This is a bell The system of import and export restrictions means that if you need to import goods, you must export the goods first. Only those who can export the goods can obtain the corresponding import rights.
The above knowledge This is the editor’s answer to relevant legal questions. According to the relevant laws of our country, the RMB exchange rate implements a managed floating exchange rate system based on market supply and demand. The foreign exchange administration department of the State Council supervises and manages the national foreign exchange market in accordance with the law. If you need legal For help, welcome to the Legal Savior Network for legal consultation.