Chinese Renminbi (CNY)

QUOTE AND NEWS
Benzinga  5 hrs ago  Comment 
China Vanke Co., Ltd. (OTC: CVKEF) reported a drop in its net profit for the first quarter. The company's quarterly net profit fell 57.5 percent to 650.2 million yuan ($104.8 million), versus a year-earlier profit of 1.53 billion yuan. Its...
Yahoo  Apr 24  Comment 
China plans to take a giant step toward making the yuan more convertible by extending a pilot scheme allowing the currency to be traded with few restrictions to all its free trade zones, before taking the scheme nationwide later this year. The...
Wall Street Journal  Apr 24  Comment 
The Economist  Apr 23  Comment 
JUDGING by its stockmarket, China is awash in cash. Trading is so frenetic that on April 20th, volumes surpassed the limits of the software that tracks transactions. More than 1.1 trillion yuan ($180 billion) of shares swapped hands that day, but...
MarketWatch  Apr 23  Comment 
Uber Technology Inc. plans to launch a helicopter-ride service in Shanghai on Saturday, looking for a bigger slice of China's highly competitive ride-hailing sector. A 30-minute chopper ride will cost 2,999 yuan ($480) a person, Uber said in a...
Finance Asia  Apr 23  Comment 
The US bank has hired Yuan from Credit Suisse as it bolsters its China franchise to take advantage of a boom in transactions.
Automotive World  Apr 22  Comment 
On April 17, Great Wall Motors released its Q1 business report. In the first quarter of 2015, the company achieved a net profit of 2.536 billion Yuan, operating revenues of 19.327 billion Yuan and a total profit of 3.101 billion Yuan, up 26.45...
Finance Asia  Apr 22  Comment 
A poll by Allen & Overy shows MNCs warming to the renminbi, using the currency to expand business and raise onshore renminbi funds through panda bonds.
Forbes  Apr 22  Comment 
Alibaba Pictures Group, the Hong Kong-listed movie unit of Chinese e-commerce titan Alibaba Group Holding, has agreed to buy a supplier of cinema-ticketing systems for 830 million yuan ($134 million).
Euromoney  Apr 20  Comment 
The internationalization of the renminbi could be further turbo-charged if knowledge and liquidity concerns were addressed, according to a new study on corporates' views of the Chinese currency.




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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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