Establishing a managed floating exchange rate regime based on market supply and demand and a unified and well-functioning foreign exchange market is stipulated in The Decision of the CPC Central Committee on Several Matters Concerning the Establishment of a Socialist Market Economic System adopted at the 3rd Plenary Session of 14th CPC Central Committee in November 1993.
Consumer spending has continued to rise at a healthy pace, supported by steady income gains, increases in the value of households’ financial assets and homes, favorable levels of consumer sentiment, and low interest rates. Last year’s sales of automobiles and light trucks were the highest annual total on record.