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Since the foundation of the People's Republic of China，the annual exchange rate between the U.S.dollar and Chinese yuan as shown in Figure 1-1 below has gone through 4 main stages.It is not only interesting but also necessary to analyze these exchange rate changes given both China and the U.S.are the top economies in the world.
Figure 1-1 Annual Average USD/CNY 1949 2019
Figure 1-2 provides a closer look into the daily exchange rate since the end of year 2019，one may find that the exchange rate has been quite active since Jan.2020.
Lots of reasons led to these fluctuations：COVID-19 pandemic，Sino-US trade conflict，the U.S.election，etc.
Figure 1-2
In this chapter，you will learn the following fundamental concepts that help to understand exchange rate fluctuations.
• Exchange rate regimes and practice in the real world；
• Monetary systems；
• The European single currency.