Chinese Renminbi (CNY)

QUOTE AND NEWS
SeekingAlpha  Dec 1  Comment 
The Hindu Business Line  Nov 28  Comment 
China has approved five new projects to build new infrastructure worth at least 51 billion yuan ($8.3 billion), the National Development and Reform Commission said on Friday. The projects...
The Economic Times  Nov 28  Comment 
The People's Bank of China (PBOC) fixed the yuan's daily midpoint at 6.1345 per dollar, down 0.04 per cent from previous fix.
The Economic Times  Nov 27  Comment 
Traders said corporates and individuals are keeping more dollars on hand as investors bet on further policy easing after the central bank cut benchmark interest rates last Friday.
The Economic Times  Nov 26  Comment 
China's yuan edged up on Wednesday after the central bank set the guidance rate at an eight-month high.
The Economic Times  Nov 25  Comment 
The preference shares will be denominated in up to three currencies, namely US dollars, Euros and offshore renminbi.
The Economic Times  Nov 25  Comment 
The People's Bank of China (PBOC) fixed the yuan's daily midpoint at 6.1390 per dollar, up 0.05 per cent from previous day's fix.




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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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