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Part Three The Chinese Foreign Exchange System I. Overview 一、概述The foreign exchange control has been in place since the establishment of the Peoples Republic of China. 自新中国成立起我国就实行外汇管制。Before 1979, due to severe lack of foreign exchange resources, the foreign exchange control was strictly enforced. 1979年以前，由于外汇资源严重短缺，我国的外汇管制非常严格。Since the introduction of the economic reform and the policy of opening to the outside world, 自从实行改革开放政策以后，Chinas highly centralized foreign exchange control system has greatly changed, 我国高度集中的外汇体制发生了很大的变化；resulting in less state intervention and greater role of market forces in line with the evolution of the socialist marketing economy. 随着社会主义市场经济体制的建立，政府的干预逐步减少，市场的作用逐步加强。The reform of Chinese foreign exchange system accelerated in 1994 with the introduction of conditional current account convertibility, unification of exchange market and adoption of a market-based managed floating exchange rate. unification统一1994年，我国的外汇体制改革加快，实现了人民币有条件经常项目下兑换，建立了全国统一的外汇市场，实行以市场为基础的、有管理的浮动汇率制。On November 27, 1996, China formally lifted all remaining current account restrictions and became an Article VIII member of the International Monetary Fund. Article条款 1996年11月27日，中国政府正式解除了原来对经常项目的所有限制，并成为接受国际货币基金组织第八条款的成员国。The payment in transfer of foreign exchange for international transactions under current account was no longer subject to the government control or restriction. 经常项目下用于国际贸易的支付不再受政府的管制或限制。The controls over capital account transactions have also been gradually liberalized. 对资本账户交易的限制也被逐步解除，Foreign exchange administration of overseas investment has been reformed to encourage domestic enterprises to go abroad. 改革海外投资的外汇管理，鼓励国内企业走出国门。Qualifies foreign institutional investors (QFII) were allowed to invest in domestic capital market within specified quota after being approved by the authorities in 2002. 2002年合格境外机构投资者(QFII)获准在一定额度内投资于国内资本市场。Insurance companies were allowed to use their own foreign exchange to invest in international capital market in