Chinese Renminbi (CNY)

QUOTE AND NEWS
Daily FX  Apr 12  Comment 
The Chinese Yuan (also called the Renminbi) attempted a recovery in its opening move of this past week, but the currency would ultimately end back up on the cusp of 12-month lows against its US counterpart.
The Australian  Apr 11  Comment 
RIO Tinto has made Australia’s first iron ore sale in Chinese currency nearly three years after flagging it was looking at doing so.
Forbes  Apr 11  Comment 
It wasn’t exactly an auspicious day today for the billionaire Zhou family of Jiangsu Province’s city of Jiangyin in China. After taking control of Shanghai Stock Exchange-traded textile-maker Canal Scientific and Technological on March 13...
The Economic Times  Apr 11  Comment 
China's yuan held a flat tone for the week on Friday after the central bank set its guidance rate up 0.02 per cent from Thursday's close.
newratings.com  Apr 11  Comment 
BEIJING (dpa-AFX) - The yuan declined against the U.S dollar in the Asian session on Friday. In economic news, inflation in China came up to 2.4 percent on year in March, the government said on Friday. That was in line with expectations and up...
Wall Street Journal  Apr 10  Comment 
China central bank Gov. Zhou Xiaochuan said Thursday a new trial program that would allow cross-border stock investment between Hong Kong and China would help bolster use of the yuan outside the mainland.




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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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