International Finance (Financial Tutorial Series)

Author: Feng Wenwei
Publisher:
Publish Date: 2004-04-01
Features: During the late 1980s to the mid-1990s, the book "Introduction to International Finance" written by Professor Chen Biru of East China Normal University had a significant impact. It was revised multiple times and won several awards. In the book, he wrote that international finance "is a comprehensive discipline that should take the monetary and financial relationships between countries as its research object. It must not only explain the main issues of financial activities at the international level but also elaborate on the laws of monetary and loan capital movement between countries." As China's economic opening-up intensified, the original exchange rate system and policies could no longer meet the demands of economic development, making it inevitable to reform the RMB exchange rate system. The basic direction of the RMB exchange rate system reform is: changing multiple exchange rates to a unified exchange rate, shifting rigid exchange rates to flexible exchange rates, and transforming non-convertibility to free convertibility. Now, the RMB has basically achieved free convertibility in the current account, as it has met the general conditions required for free convertibility.