Chinese Renminbi (CNY)

QUOTE AND NEWS
The Straits Times  Feb 24  Comment 
February 25, 2015 1:46 AM OCBC Bank celebrated the Year of the Goat with more than 1,000 of its SME customers over two nights, ending yesterday.
MarketWatch  Feb 23  Comment 
As currency wars threaten to engulf its China and spur it to devalue the yuan, Hong Kong looks highly exposed to a massive slowdown, writes Craig Stephen.
SeekingAlpha  Feb 23  Comment 
The Economist  Feb 19  Comment 
CHINESE officials tired of defending their exchange-rate policy can at least appreciate the irony in the latest charges levelled against them. For years foreigners accused them of keeping the yuan artificially weak to boost exports. Now, domestic...
Channel News Asia  Feb 19  Comment 
Car rental companies are enjoying brisk business this Chinese New Year, with seven-seater SUVs and MPVs proving to be the most popular.
Wall Street Journal  Feb 18  Comment 
Investors see more pain ahead for the Chinese yuan, as pressure mounts for Beijing to address slowing growth by devaluing its tightly controlled currency.
Financial Times  Feb 17  Comment 
China’s richest man borrows billions of renminbi to fund growth
Forex News  Feb 16  Comment 
Right now, there is speculation that China might end up with no choice but to devalue the yuan (also called the renminbi) if the economic situation doesn’t improve soon. Policymakers in Beijing have spoken out against the idea, but some...
The Economic Times  Feb 16  Comment 
Rapidly falling producer prices in particular have raised expectations that the government will need to intervene more forcibly to support the economy.
MarketWatch  Feb 16  Comment 
While China says it’s not planning to follow other countries by devaluing its currency, Craig Stephen looks at Bank of America’s argument that Beijing may not have much choice in the matter.




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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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