单选题 Passage Two During this period a number of important structural measures have been taken with partic-ular significance for the banking sector. The first was the unification of the Renminbi (RMB) exchange rates and foreign exchange markets in January 1994. Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China. Third, the acceptance of the obligations of Article VIII of the Articles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current-ac-count convertibility, has officially removed the remaining restrictions on international payments for trade and service transactions.

单选题 foreign exchange can be bought or sold without any restrictions in foreign exchange markets.

单选题 The passage of cantral banking and commercial banking laws has made the banking system of China healthier, stronger and more vigorous.

单选题 International payments for trade and service transactions can be made freely because RMB current accounts are convertible since 1996.