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On December 25, 1993, the State Council issued the Decisions on the Reform of the Financial System.

The goals of the reform of financial system are: establishing the central bank macro-control system that can implement monetary policy independently under the leadership of the State Council; establishing the financial system which separates policy-oriented finance from commercial finance and takes state-owned commercial banks as the main body and a variety of financial institutions in coexistence; establishing a unified and open financial market system with orderly competition and strict management.

Through the reform of the financial system, China has set up macro-control system which secures the People's Bank of China as the central bank and implements monetary policy independently; China also set up financial institution system which differentiates the policy banks from commercial banks;?in 1994 China introduced the merged exchange rate.