Team USA's collaboration is prominently visible in our advocacy at the IAIS. In order for any form of an ICS to be implementable globally, it needs to be suitable for the U.S. insurance market. The current core proposal in the ICS would face implementation challenges in the United States.
In 1994, when the dual exchange rates were unified, the RMB to dollar exchange rate adopted the swap market exchange rate of 8.7 yuan to one dollar. This reflected market fundamentals and the need of supporting exports to mitigate the shortage of foreign exchange reserve.