单选题
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.
单选题
The Chinese currency is issued by ______. A. Bank of China B. People's Bank of China C. Both A and B
【正确答案】
B
【答案解析】原文是：“The Renminbi，China’S legal tender, is issued and controlled solely by the People's Bank of China.”由此可知，中国的法定货币——人民币是由中国人民银行单独发行和管理的。
单选题
"Legal tender" in the 2nd paragraph means ______. A. currency B. Chinese currency C. legal document
单选题
The dual-track foreign exchange system ______. A. provided two kinds of exchange rates B. provided double foreign exchange ways. One is the government's rate, the other is private company's rate C. provided three ways to make payments
【正确答案】
A
【答案解析】原文是：“The dual—track system provided for two government-approved exchange rates, one was the official exchange rate, the other was the swap-market rate”由此可见，双轨制度产生了两种政府认可的汇率：一种是官方汇率；另一个是市场交易汇率。选项B中的叙述有问题。
单选题
The official exchange rate was used ______. A. by all the state-owned companies to buy Foreign Exchange Certificates B. by all the state-owned companies only to buy Foreign Exchange Certificates C. primarily by state-owned companies mostly to purchase Foreign Exchange Certificates
【正确答案】
C
【答案解析】原文是：“Primarily state-owned companies used the official exchange rate, mostly to buy Foreign Exchange Certificates(FECs外币兑换券).”此题的关键在此句话里面的副词上，选项C几乎与原文完全相同，因此是正确答案。buy=purchase.
单选题
The dual-market system was composed of ______. 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
【正确答案】
A
【答案解析】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 other half of the dual-market system)组成的。
单选题
The swap market was closed because ______. A. it was going worse and worse B. it was not suitable for China's international trade C. the WTO does not allow it
【正确答案】
B
【答案解析】原文是：“The dual-track foreign exchange system was not favorable to China's international trade and affected China's application for joining the WTO.”由于汇率的双轨制度不利于中国的国际贸易，并且影响中国申请加入世贸，因此，1994年被中国政府取消。