Chinese Renminbi (CNY)

QUOTE AND NEWS
Clusterstock  6 hrs ago  Comment 
The offshore yuan is under pressure again. China's currency is down by 0.4% at 6.8762 per dollar as of 7:56 a.m. ET after earlier slipping by about 0.5% to 6.8844 per dollar.  This follows Friday's drop of 0.9%, which was the biggest in...
The Hindu Business Line  6 hrs ago  Comment 
China, the world’s second largest economy, today revised the size of its economy in 2015 to 68.91 trillion yuan ($9.96 trillion), up 354.6 billion yuan from its preliminary figure. The National Bu...
newratings.com  10 hrs ago  Comment 
CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Monday and the dollar stood tall against rivals after the latest U.S. jobs report showed the 75th straight month of job growth, keeping the Federal Reserve on track to raise...
The Hindu Business Line  Jan 9  Comment 
China’s yuan traded flat against the dollar on Monday, after the central bank set a weaker mid-point following a wild ride last week that saw the yuan strengthen around 1 per cent before falling back...
Reuters  Jan 9  Comment 
The decline in China's foreign reserves is good news in the long-run, central bank advisor Fan Gang told Bloomberg News on Monday, describing the yuan as being at a "turning point" after possibly being overvalued in recent years.
Wall Street Journal  Jan 9  Comment 
The cost for banks in Hong Kong to borrow yuan from one another overnight dropped to 14.05% on Monday, hitting the lowest level since Dec. 30. That overnight rate had hit 61.3% on Friday.
Wall Street Journal  Jan 9  Comment 
China’s foreign-exchange reserves fell to the lowest level in nearly six years last month, testing the central bank’s resolve to control the weakening yuan’s descent.
Clusterstock  Jan 7  Comment 
Bitcoin was still falling against the dollar on Saturday after losing more than a fifth of its value in trade Thursday. Bitcoin was down more than 7% to $832 at 9:21 a.m. GMT (4:21 a.m. ET), according to Markets Insider. That's down from over...
Clusterstock  Jan 6  Comment 
In the beginning of "Star Wars: Episode IV — A New Hope," rebel leader Princess Leia (RIP the great Carrie Fisher) was captured by the evil Empire. The rebels had managed to steal the plans for the Empire's secret weapon, the Death Star, and...
Wall Street Journal  Jan 6  Comment 
China continued to squeeze the global market for the yuan, sending the cost of borrowing the currency in overseas markets soaring to a near-record high.




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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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