| Abstract | With effect from 1 April 1996, the "Provisional Regulations for Exchange Control" promulgated and implemented in 1980 were replaced by a new set of foreign exchange control regulations, the "Regulations for Exchange Control". The promulgation of the "Provisions on setting, Selling and Buying Foreign Exchange Through Banks" by the People's Bank of China on 20 June 1996 removed the restrictions remaining following the 1994 reform of the foreign exchange system, thereby making a big stride forward in the realisation of full convertibility of the Renminbi under current accounts. |
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