Some measures have already started to take effects, and we are fully confident that existing problems in the current process of economic development will be resolved and the good growth momentum will be maintained without ups and downs. III.
Sequenced gradual reform of the RMB exchange rate regime  Like the overall economic reform, China’s foreign exchange rate system reform is also a gradual and sequenced process. Before economic opening up, management of foreign exchange earnings and expenses was centralized and RMB exchange rate was decided and adjusted solely by the government.