Chinese Renminbi (CNY)

QUOTE AND NEWS
Clusterstock  May 5  Comment 
FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. This one thing most financial advisors do to get more clients can completely backfire (Nerd's Eye View) In order to get...
Clusterstock  May 5  Comment 
Alibaba on Thursday reported quarterly sales that trumped forecasts but profits that fell short of analysts' expectations. The Chinese e-commerce giant's online platforms sold goods worth more than 3 trillion yuan in March for the first time,...
The Times of India  May 4  Comment 
The People's Bank of China on Wednesday fixed the yuan currency nearly 0.60 per cent weaker against the US dollar, according to the national foreign exchange market, the biggest downward move since devaluing the unit in August last year. The...
The Economic Times  May 4  Comment 
The Indian rupee is also forecast to weaken to 68.00 per dollar in six months, and then hold steady until end-April next year.
newratings.com  May 4  Comment 
BEIJING (dpa-AFX) - The Chinese yuan weakened against the U.S. dollar in the pre-European session on Wednesday. Against the greenback, the yuan fell to an 8-day low of 6.4987 from an early high of 6.4753. At yesterday's close, the yuan was...
The Economic Times  May 3  Comment 
Rupee options also saw brisk trading this year with 96,940 contracts traded, up 220.7% from the same period last year, DGCX said.
Reuters  May 3  Comment 
* Says adjusts asset acquisition plan, to raise up to 3.0 billion yuan ($462.73 million) in share private placement from 3.2 billion yuan previously
The Australian  May 1  Comment 
Australian companies are boosting profits on deals in China by an average of 4 per cent by settling in yuan.




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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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