1978-2005 Gradual currency reform in line with open market reforms implemented by Deng Xiaoping Increased investment increased relative economic freedom s Comparatively lower tarriffs Previously unrealistic exchange rate: 1.51-2.46 RMb to the dollar -overvalued1978-2005  Gradual currency p reform in line with open market reforms implemented by Deng Xiaoping  Increased investment increased relative Increased investment, increased relative economic freedom  Comparatively lower tarriffs  Previously unrealistic exchange rate : 1 51 Previously unrealistic exchange rate : 1.51-2 46 . RMB to the dollar - overvalued