Malaysia
What are the functions?
Under the foreign exchange control system, not only the exchange rate is determined by * * *, but also the supply and demand of foreign exchange is controlled by * * * *.
Under the managed monetary system, most countries need to intervene in foreign exchange transactions in some way to maintain the stability of exchange rates. Countries with abundant foreign exchange funds and developed foreign exchange markets mostly use foreign exchange stabilization funds to maintain the stability of exchange rates. Countries with insufficient foreign exchange funds and immature foreign exchange markets, or countries with weak international payments, often implement foreign exchange control.
Foreign exchange control and foreign exchange balance fund are both measures to maintain exchange rate stability. However, the main reasons for implementing foreign exchange control instead of foreign exchange balance fund can be roughly summarized as follows:
1. In promoting balance of payments and maintaining exchange rate stability, foreign exchange control is easier to achieve than the foreign exchange balance fund.
Second, some countries lack objective economic conditions for adopting foreign exchange balance funds, such as insufficient foreign exchange funds, imperfect foreign exchange market or financial market, and lack of experience in open market operation.
Three, in the case of economic or political turmoil, the foreign exchange balance fund for capital flight, and to curb foreign exchange speculation, can not produce practical results.
4. During the economic recession or economic crisis, foreign exchange control measures can be taken to control the import of foreign commodities, promote the export of domestic commodities, expand domestic production and restore economic prosperity.
Under foreign exchange control, on the one hand, residents of a country must sell their foreign exchange obtained from trade or other aspects to the relevant authorities at the official exchange rate set by the authorities; On the other hand, foreign exchange is purchased at the official exchange rate only within the purpose and limit approved or allowed by the management authorities. At this time, the official exchange rate is usually a single exchange rate, but sometimes a composite exchange rate can be used. The former is called single exchange rate system, and the latter is called multiple exchange rate system.
Why are there no foreign exchange controls in China Mainland and Hongkong?
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