China: RMB Exchange Rate Reform and the Managed Float (2005-2015)

1. China launches managed float and ends strict dollar peg

   Jul 21, 2005Labels: PBOC, State Council

   • PBOC 2005
   • CRS Report

2. Initial revaluation sets new central parity at 8.11

   Jul 21, 2005Labels: central parity, USD CNY

   • PBOC 2005
   • CRS Report

3. Daily trading band set at ±0.3% around parity

   Jul 21, 2005Labels: daily band, onshore market

   • PBOC 2005
   • Brookings

4. China widens daily USD/RMB band to ±0.5%

   May 21, 2007Labels: PBOC, daily band

   • Reuters CNBC
   • Brookings

5. China narrows RMB flexibility during global financial crisis

   Jul 1, 2008Labels: global financial, RMB policy

   • PBOC 2010 speech
   • PBOC 2015 note

6. RMB appreciation culminates before crisis-era stabilization

   Jul 21, 2008Labels: RMB appreciation, USD CNY

   • CRS Report
   • PBOC 2010 speech

7. PBOC resumes reform and increases RMB flexibility

   Jun 19, 2010Labels: PBOC, exchange reform

   • PBOC 2010
   • PBOC 2010 speech

8. Offshore RMB interbank market begins in Hong Kong

   Jul 1, 2010Labels: Hong Kong, offshore RMB

   • HK Gov
   • Wharton

9. China widens daily USD/RMB band to ±1%

   Apr 16, 2012Labels: daily band, onshore market

   • PBOC 2015 note
   • Brookings

10. China widens daily USD/RMB band to ±2%

    Mar 17, 2014Labels: PBOC, daily band

    • PBOC 2015 note
    • CNBC

11. PBOC changes central parity to reflect prior close

    Aug 11, 2015Labels: central parity, PBOC

    • PBOC 2015 note
    • IMF Transcript

12. IMF approves RMB for SDR basket inclusion

    Nov 30, 2015Labels: IMF, SDR basket

    • IMF PR
    • Central Banking