Chinese Renminbi (CNY)

QUOTE AND NEWS
The Hindu Business Line  Jul 1  Comment 
The yuan closed weaker against the dollar on Friday, touching a fresh 5-1/2-year low on concerns that the central bank would tolerate a further weakening of the currency to support the slowing econom...
Clusterstock  Jun 30  Comment 
By Kevin Yao, Nathaniel Taplin and Lu Jianxin BEIJING/SHANGHAI (Reuters) - China's central bank is willing to let the yuan fall to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of...
Wall Street Journal  Jun 29  Comment 
Columnist Li Yuan says many Chinese journalists are leaving the trade as the state tightens media control and a tech boom opens new opportunities.
MarketWatch  Jun 29  Comment 
China’s intensifying appetite for Hollywood films is an increasingly important storyline for the industry.
Financial Times  Jun 29  Comment 
Beijing sets exchange midpoint at unexpectedly strong level
The Economic Times  Jun 29  Comment 
Some traders said the over 200 pip gap between the spot yuan and the official guidance rate indicated the PBOC is tolerating the yuan's depreciation.
The Hindu Business Line  Jun 28  Comment 
The global currency market is witnessing huge swings with some of the Asian currencies such as the Chinese yuan falling sharply to a five-year low after Brexit. The fall in yuan has started hurting I...
WA Business News  Jun 27  Comment 
The Australian dollar has fallen sharply following the devaluation of the Chinese yuan and Britain's ratings downgrade.
The Economic Times  Jun 27  Comment 
The onshore yuan was quoted at 6.6440 in morning trading on Monday, down 0.44 per cent from Friday's close of 6.6148, according to the Foreign Exchange Trade System.




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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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