Chinese Renminbi (CNY)

QUOTE AND NEWS
SeekingAlpha  5 hrs ago  Comment 
By Peter Fuhrman: What if most of what we think about government spending was wrong? What if government money causes, rather than cures, pollution, unaffordable and substandard housing, impossible traffic, more expensive and less available...
Reuters  7 hrs ago  Comment 
China's planned global gold exchange has signed up more members than targeted, as foreign banks and trading houses seek direct access to the world's top physical gold consumer and to test out reforms allowing them to trade commodities in the yuan...
New York Times  9 hrs ago  Comment 
Accused of corruption, a former deputy director of the Beijing Zoo stuck to his story about earning some of his extra millions of renminbi by driving a cab at night. His explanations are a long shot.
The Economic Times  12 hrs ago  Comment 
Growth in China's vast factory sector slowed to a three-month low in August as output and new orders moderated, a preliminary private survey showed.
Forbes  Aug 22  Comment 
Huayi Brothers Media, the Chinese movie studio led by billionaire Wang Zhongjun, said today first half net profit edged up by 3.6% from a year earlier to to 417.4 million yuan, or $68 million, amid a big drop in revenue.
newratings.com  Aug 21  Comment 
BEIJING (dpa-AFX) - The yuan weakened against the U.S. dollar in the Asian session on Thursday after data showed that China manufacturing PMI expanded less-than-expected in August. Data from HSBC and Markit Economics showed that the manufacturing...
The Economic Times  Aug 21  Comment 
The spot yuan dropped to the lowest level in a week near midday and is heading toward the biggest daily loss since June 16.
Mondo Visione  Aug 20  Comment 
Recently, Shenzhen Stock Exchange (SZSE) and Shenzhen Securities Communication Co., Ltd. jointly announced to slash the communication charging standard in Shenzhen Market, and speed up the quotation rate. According relevant principal from SZSE,...
Insurance Journal  Aug 20  Comment 
Ping An Insurance (Group) Co., China’s second-largest insurer, said first-half profit grew 19 percent as premium income climbed and banking revenue increased. Net income rose to 21.4 billion yuan ($3.5 billion), or a diluted 2.55 yuan [$0.41] a...
The Economic Times  Aug 20  Comment 
The currency was hovering near five-month highs as investors appeared to regain a measure of confidence in China's economy.




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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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