Since China embarked on its reform and opening-up policy in 1979，the renminbi exchange rate regime has undergone a transformation that has taken it from a single official rate to a dual-track system that ultimately gave way to a single market-based rate. There were significant policy milestones along the way and five distinct phases. The following article traces that journey and points to the future path ahead.

01 The Renminbi in a Planned Economy First Phase (1979-1980)

The renminbi's exchange rate against the US dollar strengthened from 1.755 to one dollar in 1977 to 1.534 at the end of 1980，mainly benefiting from dollar weakness. Although the renminbi  was not pegged to the US dollar，the exchange rate had little influence on resource allocation and the currency was largely a tool for financial planning under a centrally managed economy.

02 Dual-track Mechanism Second Phase (1981-1993)