Significant headways have been achieved in the development of the Chinese financial market since China adopted the reform and opening-up policy. First, the financial market system has taken its initial shape. At present, China has basically established the securities futures market, the money market and the inter-bank foreign exchange market. Second, the financial market has cultivated diversified participants.
The roles of central banks, where they existed (remember the United States did not have one), were then quite different from today. International stabilization was implemented by more or less automatic gold flows from those financial markets where conditions were lax, to those where liquidity was in short supply. To some, myself included, the system appears to have worked rather well.