Overview of the Banking Industry in China
I.Thr Role of the Banking Sector in China
Paragragh 11(P2,µÚ3¶Î£©
1.During this period a number of important structural measures have been taken with particular significance for the banking sector.
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2.The first was the unification of the renminbi(RMB) exchange rates and foreign exchange markets in January 1994.
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(1)unification of Renminbi exchange rates:ÈËÃñ±Ò»ãÂʲ¢¹ì
exchange rates:»ãÂÊ
unification: n.being unified:ͳһ£»µ¥Ò»»¯
unify: v.form into one;unite:ʹºÏÒ»£»Í³Ò»
3.Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China.
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(1)provide legal basis for¡:Ϊ¡¡Ìṩ·¨ÂÉÒÀ¾Ý
4.Third, the acceptance of the obligations of Article VIII of the Artiles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current account convertibility, has officially removed the remaining restrictions on international payments for trade and service transactions.
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(1)Article VIII of the Artiles of Agreement of the International Monetary Fund:¹ú¼Ê»õ±Ò»ù½ð×é֯ж¨µÚ°ËÌõ¿î
(2)RMB current account convertibility:ÈËÃñ±ÒÔÚ¾³£ÏîĿϿɶһ»£¨µÚ°ËÌõ¿îµÄÒ»ÏîÄÚÈÝ£©
5.Fourth, the establishment of a unified inter-bank money market in 1996 has facilitated better liquidity adjustment for financial institutions.
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(1)interbank money market:ÒøÐÐͬҵ²ð½èÊг¡
inter-:among;between:ÔÚ¡¡Ö®ÖУ»ÔÚ¡¡Öмä
money market:»õ±ÒÊг¡
(2)liquidity adjustment:Á÷¶¯ÐÔµ÷Õû
6.Fifth, the gradual shift from direct to indirect monetary policy instruments has greatly improved transimission of monetary policy and effectiveness of macroeconomic management.
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(1)direct or indirect monetary policy instruments:Ö±½Ó»ò¼ä½ÓµÄ»õ±ÒÕþ²ß¹¤¾ß
(2)transmission:´«µÝ£»´«µ¼£¨Ð§¹û£»»úÖÆ£©
(3)effectiveness of microeconomic management:ºê¹Û¾¼Ã¹ÜÀíЧÂÊ
