Editing Renminbi (section)

===Era of the command economy===
{{further|Command economy}}
From 1949 until the late 1970s, the state fixed China's exchange rate at a highly overvalued level as part of the country's [[Import substitution industrialization|import-substitution]] strategy. During this time frame, the focus of the state's central planning was to accelerate industrial development and reduce China's dependence on imported manufactured goods. The overvaluation allowed the government to provide imported machinery and equipment to priority industries at a lower domestic currency cost than otherwise would have been possible.<ref>{{Cite web |last=Barmé |first=Geremie |title=Renminbi 人民币 |url=https://www.thechinastory.org/lexicon/renminbi/ |access-date=2025-04-19 |website=The China Story |language=en-AU}}</ref>