Chinese Renminbi (CNY)

QUOTE AND NEWS
Financial Times  2 hrs ago  Comment 
China reforms aimed at pushing currency towards reserve status
MarketWatch  5 hrs ago  Comment 
Here’s how China’s economy has changed since policy makers abolished the yuan’s fixed exchange rate with the dollar on July 21, 2005.
Wall Street Journal  Jul 20  Comment 
Ten years ago, the People’s Bank of China unpegged the yuan from the U.S. dollar. Yet the currency remains tightly controlled, leading to one of the longest streaks of stable trading since that time.
SeekingAlpha  Jul 20  Comment 
Automotive World  Jul 20  Comment 
On July 10, Great Wall Motor issued a private placement plan. According to the plan, the company will issue not more than 387.0076 million A-shares privately at a price of not less than 43.14 yuan per share to raise a total amount of not more than...
The Economic Times  Jul 20  Comment 
The People's Bank of China (PBOC) set the midpoint at 6.1197 per dollar prior to market open, only 0.01 per cent weaker.
guardian.co.uk  Jul 17  Comment 
Reports suggest more than dozen banks have lent cash to state-backed Chinese Securities Finances, which provides so-called margin lending to investors China’s biggest banks have lent 1.3tn yuan (£134bn) in an attempt to halt a meltdown in...
The Economic Times  Jul 17  Comment 
China's yuan barely moved against the dollar on Friday and is set to end this week almost unchanged as the central bank fixed its guidance rate.
guardian.co.uk  Jul 16  Comment 
Relative price of McDonald’s staple meal is 43% less in China than in US, according to The Economist’s fabled burgernomics measure China’s currency is significantly undervalued against the dollar, according to the Economist’s latest Big...
Insurance Journal  Jul 16  Comment 
According to catastrophe modeling firm AIR Worldwide, insured losses in China from Typhoon Chan-hom are unlikely to exceed CNY 2.2 billion [$354.3 million]. “Typhoon Chan-hom made landfall in the coastal city of Zhoushan, China, on July 11,...




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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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