Ten thousand rupees in Pakistan is equal to 357.89 yuan.

1. The first stage: from 1949 to 1978, the RMB exchange rate mainly implemented a single exchange rate system. The period from 1949 to 1978 was the era of planned economy. my country implemented a highly centralized foreign exchange management system. The national foreign exchange was owned by the state and distributed and used uniformly by the State Planning Economic Commission. During this period, domestic economic development was mainly based on self-reliance, and the import substitution industrialization strategy was adopted. Foreign debt was basically not borrowed, and foreign capital was not allowed to carry out large-scale direct investment in the country. Foreign trade was managed by state-owned foreign trade companies according to plans, and foreign exchange receipts and payments To maintain a balance; however, the export competitiveness of domestic products is not strong, the RMB exchange rate has been overvalued for a long time, and the country's foreign exchange income mainly comes from the export of unique resources, handicrafts, and remittances. The lack of foreign exchange income has led to a long-term shortage of foreign exchange resources. Specific to the exchange rate, the RMB exchange rate mainly implements a single exchange rate system. The People's Bank of China (referred to as: the central bank) publishes exchange rate data to the outside world. The exchange rate is an accounting tool and has no function of regulating economic operations.

2. The second stage: from 1979 to 1993, the RMB exchange rate implemented a dual-track system. The period from 1979 to 1993 was a period of transition from my country's planned economy to a market economy. An important feature of this period was the dual-track system in the price field, which also included exchange rate prices. In 1979, the country began to reform the foreign exchange management system. The main measures include: 1. Implementing a foreign exchange retention system, which reserves a certain proportion of foreign exchange quotas for localities and enterprises that earn foreign exchange, which in turn leads to uneven distribution of foreign exchange resources. By 1980, the state launched foreign exchange adjustment business in Beijing, Shanghai and other regions, allowing enterprises to transfer foreign exchange retention quotas for a fee in accordance with national pricing, and gradually formed a dual exchange rate system in which the official exchange rate and the foreign exchange adjustment rate coexisted. 2. Introduce foreign businessmen to carry out direct investment. In order to make up for the lack of domestic construction funds, our country actively improves the domestic investment environment, supports enterprises to rationally utilize foreign capital, and provides many policy preferences to Sino-foreign joint ventures and foreign-invested enterprises. In addition, due to the rapid growth in demand for foreign exchange, my country established a foreign exchange reserve management system in the 1980s to allocate foreign exchange reserves formed by accumulated foreign exchange. 3. Promote the reform of the dual-track RMB exchange rate system. After 1978, trade management rights were delegated to ministries and local foreign trade companies. However, the overvalued exchange rate affected the enthusiasm of enterprises to earn foreign exchange through exports. In response, the country carried out the reform of the dual-track RMB exchange rate system, and the dual-track exchange rate system It can be divided into two levels: the dual-track system in which the internal trade settlement price and the official exchange rate coexisted from 1981 to 1984, and the dual-track system in which the foreign exchange adjustment market exchange rate and the official exchange rate coexisted from 1985 to 1993.

3. After 1994, the RMB exchange rate implemented a managed floating exchange rate system. At present, my country's exchange rate reform has not yet been completed, and it is still far from a true floating exchange rate system in the modern sense. The central bank's intervention in the foreign exchange market system, the RMB offshore market, the free convertibility of the RMB and cross-border circulation need to be further improved. Therefore, the internationalization of the RMB still has a long way to go, and exchange rate reform cannot be carried out alone, but must be coordinated with other foreign exchange reforms. For individuals, a systematic understanding of the ins and outs of the RMB exchange rate system can help track foreign exchange market trends, analyze the impact of exchange rate changes on one's work and life, and thus better handle foreign exchange-related matters.