Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  Sep 30  Comment 
The Chinese currency fell in Hong Kong trading on Monday on nervousness over the pro-democracy protests.
newratings.com  Sep 30  Comment 
BEIJING (dpa-AFX) - Alibaba Group (BABA) said Taobao (China) Software Co., Ltd., its subsidiary, has agreed to invest 2.81 billion yuan in Beijing Shiji Information Technology Co. Ltd or Shiji Information, a China-based hotel information...
MarketWatch  Sep 30  Comment 
The Chinese renminbi is set to get the seal of approval from the International Monetary Fund,, writes David Marsh.
Financial Times  Sep 28  Comment 
Chinese money market fund pays high rates on renminbi deposits
The Hindu Business Line  Sep 28  Comment 
Alibaba Group Holding Ltd has bought a 15 per cent stake in hospitality technology provider Beijing Shiji Information Technology Co Ltd for 2.81 billion yuan ($458.66 million), marking its first m...




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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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