Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  Sep 19  Comment 
Spot yuan stood at 6.1381 per dollar by midday after the PBOC set its official midpoint at 6.1455, or 0.06% firmer from Thursday's close.
Channel News Asia  Sep 18  Comment 
ICBC Singapore is now promoting yuan-denominated bonds as part of its efforts to develop the bond market and grow Singapore as an offshore RMB hub.
Financial Times  Sep 18  Comment 
Daily trading volume in euro-renminbi options has tripled this year to at least €300m, as rising renminbi trade settlement and sliding euro fuel hedging activity
The Straits Times  Sep 17  Comment 
September 18, 2014 1:40 AM BANK of China's Singapore branch will leverage on its long-standing advantage in the yuan business, as well as its in-depth knowledge of Singapore market, to participate actively in the development of Singapore as a key...
The Straits Times  Sep 17  Comment 
September 18, 2014 1:40 AM TO ENHANCE Singapore's position as a key offshore yuan market and promote capital flow between the two countries, the Singapore Exchange (SGX) cooperates closely with various Chinese parties to grow its portfolio of...
Market Intelligence Center  Sep 17  Comment 
Although the surprise move by the People’s Bank of China to pump 500 billion yuan (approximately $80 billion) into the country’s top five banks (a move that was the equivalent of a 0.50% cut in the country’s reserve requirement rate) got all...
BBC News  Sep 17  Comment 
China's central bank is said to be injecting 500bn yuan ($81bn; £50bn) into the five biggest state-owned banks to counter slowing growth.
The Australian  Sep 17  Comment 
The Straits Times  Sep 16  Comment 
September 17, 2014 1:14 AM SINGAPORE'S push to become a hub for China's currency, the yuan, has received a boost with ever larger issues of yuan-denominated bonds.
The Economic Times  Sep 16  Comment 
Spot yuan opened at 6.1501 per dollar, and was changing hands at 6.1481 by midday, down 0.10 percent from the previous close.




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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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