Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  2 hrs ago  Comment 
The move will bring the number of foreign currencies that are allowed direct trading with the yuan to 23, state-run 'Xinhua' news agency reported late last night.
Wall Street Journal  Dec 9  Comment 
Rising prices in China create complications on how to handle the yuan.
Reuters  Dec 9  Comment 
China's yuan weakened to 6.9000 per dollar on Friday morning, Reuters data showed.
Japan Today  Dec 8  Comment 
Chinese exports beat expectations in November, a positive sign for the global economy, but analysts warned on Thursday of an uncertain outlook as US President-elect Donald Trump prepares to take office, with Beijing's trade policy in his...
The Economic Times  Dec 8  Comment 
The November figure is the largest monthly drop since January this year, and it brings China's foreign exchange reserves to the lowest level since March 2011.
The Economic Times  Dec 8  Comment 
The People's Bank of China set the midpoint rate at 6.8731 per dollar prior to market open, firmer than the previous fix of 6.8808.
Clusterstock  Dec 7  Comment 
China's foreign exchange reserves fell yet again in November, thanks to the unrelenting upward march of the US dollar and the yuan's continued slide down. Gross reserves decreased $69.1 billion, the largest drop in 10 months, falling to $3.05...
Wall Street Journal  Dec 7  Comment 
There may be nothing significant per se about having more than $3 trillion in reserves. But markets have a way of getting antsy about these things.
Financial Times  Dec 7  Comment 
Depreciating the currency should have benefits, but it will cause pain for owners of dollar debt




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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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