Chinese Renminbi (CNY)

QUOTE AND NEWS
Wall Street Journal  2 hrs ago  Comment 
Columnist Li Yuan writes that Tencent’s WeChat messaging platform wants to become a one-stop app that users would rarely have to leave to use other mobile apps.
Forbes  Sep 27  Comment 
Lately Shenzhen is attracting attention for an entirely different reason: tiny apartments measuring six square meters priced at nearly 1 million yuan.
Wall Street Journal  Sep 27  Comment 
Donald Trump accused China of devaluing its currency in the opening minutes of the first U.S. presidential debate—adding fresh spice to an old debate: Does China gain an unfair trade advantage by manipulating the yuan?
Forbes  Sep 26  Comment 
Despite the fact China's Premier Li Keqiang has ruled out a sharp devaluation of the renminbi, analysts are predicting an ongoing renminbi depreciation in the short to medium run.
Reuters  Sep 26  Comment 
China has launched a 350 billion yuan ($52.5 billion) state enterprise restructuring fund to advance its 'supply-side' reforms as the world's second-largest economy undergoes its most significant transformation in two decades.
Reuters  Sep 24  Comment 
Dalian Wanda Group, the Chinese entertainment giant owned by the country's richest man, opened the first phase of a sprawling 34 billion yuan ($5.1 billion) tourism park in the eastern city of Hefei on Saturday.
Wall Street Journal  Sep 22  Comment 
Pressure to move money out of China has eased in recent months, helping to steady the yuan, the country’s foreign-exchange regulator said, as it vowed to go after companies trying to circumvent controls and take funds offshore.
Financial Times  Sep 21  Comment 
First offshore renminbi settlement bank in US fills major gap
Financial Times  Sep 21  Comment 
Yen and euro fall while renminbi holds its ground
SeekingAlpha  Sep 20  Comment 




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The Chinese Renminbi ("人民币"), the official currency of the People's Republic of China, is issued by the People's Bank Of China (“中国人民银行”, a.k.a. PBOC), the monetary authority of the PRC. Though commonly used interchangeably, the Yuan is in fact the principle currency unit within the Renminbi. The units for the Renminbi are the Yuan (元), Jiao (角), Fen (分), where 1 Yuan = 10 Jiao = 100 Fen. The Yuan is the primary unit of the Renminbi. The Chinese Renminbi literally means the "People's Currency".

Abbreviations for the Renminbi include RMB, CNY.

The value of the RMB had historically been pegged to the U.S. dollar, but since 2005, the Renminbi exchange rate has been allowed to float around a fixed base rate. The base rate is determined by the PBOC, with a reference to a basket of world currencies.

RMB notes are available in the following amounts: 100, 50, 20, 10, 5, and 1 yuan, and beneath the 1-yuan level at 5 Jiao and 1 Fen.

For a discussion of its revaluation, see Revaluing the Yuan.

The chart at left shows the USD/CNY currency pair; the number of Chinese Renminbi equivalent to 1 U.S. Dollar (USD).

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