Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  Jun 22  Comment 
In spot market, corporate demand for US currency played a dominant role in morning trade, dragging down the yuan further.
Reuters  Jun 21  Comment 
Most emerging Asian currencies drifted lower on Wednesday, as a renewed slump in oil prices to seven-month lows put traders on edge, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.
The Economic Times  Jun 21  Comment 
In the latest policy tweak, the PBOC has included a method for fixing daily mid-point around which the currency is allowed to trade.
The Economic Times  Jun 20  Comment 
In May, overseas investors bought a net 19.8 billion yuan of mainland shares via the "Connect" schemes.
Reuters  Jun 20  Comment 
A slew of Western investors and traders who placed bets in the past two years that China’s yuan currency would drop because of a weaker Chinese economy, the threat of a debt crisis, and capital outflows, abandoned those positions in recent months.
The Economic Times  Jun 20  Comment 
The stronger yuan also helps to dissuade Chinese companies and citizens from moving money offshore.
SeekingAlpha  Jun 19  Comment 




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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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