Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  12 hrs ago  Comment 
Prior to market opening, the People's Bank of China set the midpoint rate at 6.7485 per dollar.
The Economic Times  Jul 24  Comment 
Prior to market opening, the People's Bank of China set the yuan midpoint at 6.7410 per dollar, the highest since Oct. 20 2016.
The Economic Times  Jul 21  Comment 
Before the market opened, China's central bank set the midpoint rate at 6.7415 per dollar.
The Economic Times  Jul 20  Comment 
In the spot market, the yuan opened at 6.7580 per dollar and was changing hands at 6.7639 at midday.
The Economic Times  Jul 19  Comment 
Wednesday's official guidance was 160 pips, or 0.24 per cent, firmer than the previous session's fix at 6.7611 per dollar.
The Economic Times  Jul 18  Comment 
The yuan gained support from a slide in the dollar on Tuesday, traders said.
MarketWatch  Jul 17  Comment 
The Chinese devaluing the yuan or a steeper U.S. yield curve could hurt the yellow metal, says Ivan Martchev.
The Economic Times  Jul 17  Comment 
China's yuan inched up after the central bank lifted its official guidance for the currency's midpoint to an 8-1/2-month high.




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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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