（PCPA注：非官方译本。当发生歧意时,应以法律中文原文为准。This English document is not an official translation. In case of discrepancy, the original Chinese version shall prevail.）

Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime

People's Bank of China　　Announcement No. 16 [2005] of the People's Bank of China　　July 21, 2005

With a view to establishing and improving the socialist market economic system in China, enable the market to fully play its role in resources allocation as well as to setting up and further strengthening the managed floating exchange rate regime based on market supply and demand, the People's Bank of China, under the authorization of the State Council, hereby makes the following announcement regarding the reform of the RMB exchange rate regime:

1. Starting from July 21, 2005, China will reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. RMB will no longer be pegged to the US dollar and the RMB exchange rate regime will be of greater flexibility.

2. The People's Bank of China wi