Chinese Renminbi (CNY)

QUOTE AND NEWS
Reuters  3 hrs ago  Comment 
Chinese banks extended more credit than expected in May as home loans expanded even as policymakers struggled to rein in riskier borrowings without dealing a sharp blow to economic growth.
The Economic Times  5 hrs ago  Comment 
A small majority of traders in a Reuters poll say a US interest rate hike could prompt the People's Bank of China (PBOC) to raise short-term money market rates.
Financial Times  Jun 13  Comment 
Central bank invested €500m of reserves in renminbi-denominated assets in first half
Mondo Visione  Jun 13  Comment 
Investment reflects increased role of Chinese renminbi as global currency Overall size of ECB’s foreign reserves unchanged The European Central Bank (ECB) completed an investment equivalent to €500 million of the ECB’s foreign...
The Economic Times  Jun 13  Comment 
The People's Bank of China set the midpoint rate at 6.7954 per dollar prior to market open.
The Economic Times  Jun 12  Comment 
The People's Bank of China set the midpoint rate at 6.7948 per dollar prior to market open.
The Economic Times  Jun 9  Comment 
The yuan has gained 2.2 per cent versus the dollar this year, including 1.3 per cent since May 24.




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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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