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  3. Read the article below about education and answer the questions. For each quest

Read the article below about education and answer the questions. For each quest

游客2025-05-13  0
问题 Read the article below about education and answer the questions.
For each question 23-28, choose the correct answer.
Mark one letter (A,B or C) on your Answer Sheet.
    Chinese currency is the Renminbi (RMB) . It is also known as "yuan". The sign of it is " ￥ ", the same as that of Japanese currency. But Japanese currency is called "yen".
    The Renminbi, China’s legal tender, is issued and controlled solely by the People’s Bank of China. The exchange rates of the Renminbi are decided by the People’s Bank of China and issued by the State Administration of Exchange Control. China operates foreign exchange in a unified way, with the State Administration of Exchange Control exercising the functions and powers of exchange control.
    Before 1994, the Chinese government managed the system as a dual-track foreign-exchange system. The dual-track system provided for two government-approved exchange rates, one was the official exchange rate, the other was the swap-market rate. The State Administration of Exchange Control (SAEC) set the official exchange rate for the RMB based on China’s balance of payments and the exchange rates of her major competitor countries, such as South Korea. In 1986, the SAEC first set the official rates at 3.72 RMB per dollar.
    Primarily state-owned companies used the official exchange rate, mostly to buy Foreign Exchange Certificates (FECs) . FECs are a separate form of currency developed in 1980 for the foreigners to use when they paid for their expenses in China. But, in 1994, the People’s Bank of China stopped issuing FECs and gradually withdrew them from circulation.
    The swap market, the other half of the dual-market system, was created in Shenzhen (the newly-built modern city located opposite Hong Kong) in 1985 for foreign and local businesses that had received official approval to exchange RMB and hard currency, there were quite a lot of swap centres, the one in Shanghai being the largest. During that period, about 80% of the hard-currency transactions in this country took place in the swap market. The swap rate was 8.7 RMB per dollar. The dual-track foreign exchange system was not favorable to China’s international trade and affected China’s application for joining the WTO. So in 1994 the Chinese government decided to close the swap centres. The swap centre in Shanghai was replaced by the National Foreign Exchange Centre, which is a national inter-bank centre at which authorized banks can trade and settle foreign currencies. [br] The dual-market system was composed of______.
选项 A、official foreign exchange market and the swap market
B、the swap market and currency market
C、the official exchange market and the swap market
答案 A
解析 中国的市场双轨制是由官方的外汇市场和交易市场(The swap market，the otherhalf of the dual-market system)组成的。
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