Chinese Renminbi (CNY)

QUOTE AND NEWS
Reuters  Apr 9  Comment 
The outlook for emerging Asian currencies has brightened for the coming year as the trade dispute between the U.S. and China has further underscored a weak dollar view, but that uncertainty has also dulled the yuan's allure, a Reuters poll found.
Financial Times  Apr 6  Comment 
China’s offshore bond market buoyed as capital controls ease
MarketWatch  Apr 4  Comment 
Now that President Trump has launched an attack on China’s exports, the question arises whether he’ll launch an attack on China’s currency as well.
The Economic Times  Mar 30  Comment 
Starting June, MSCI will include China stocks into its emerging market benchmark.
Reuters  Mar 29  Comment 
China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing's efforts to establish its currency internationally.
Insurance Journal  Mar 28  Comment 
A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The...
MarketWatch  Mar 27  Comment 
China’s yuan surged to its highest level in 2½ years early Tuesday, but amid possible reasons such as trade war fears and technicals, it may have been anticipated dollar weakness that led to the move.




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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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