Chinese Renminbi (CNY)

QUOTE AND NEWS
Clusterstock  4 hrs ago  Comment 
In recent months, China has stepped up a longstanding campaign for its currency (officially called the renminbi [RMB] but also referred to as the yuan), to be included as a part of the composition of the International Monetary Fund’s (IMF’s)...
Reuters  Jul 23  Comment 
Sentiment towards most emerging Asian currencies deteriorated in the last two weeks, a Reuters poll showed on Thursday, as expectations grew that the U.S. Federal Reserve will raise interest rates as soon as September.
The Economic Times  Jul 22  Comment 
China's yuan inched up against the dollar on Wednesday after the central bank set the official guidance rate at a one-week high.
Financial Times  Jul 21  Comment 
China reforms aimed at pushing currency towards reserve status
MarketWatch  Jul 21  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...




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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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