Chinese Renminbi (CNY)

QUOTE AND NEWS
guardian.co.uk  Apr 4  Comment 
British department store chain valued at £450m in deal with Sanpower, controlled by one of China's richest men, Yuan Yafei House of Fraser is the latest British company to fall into foreign hands after its owners struck a takeover deal with...
The Economic Times  Apr 4  Comment 
Yuan softened against the dollar on Friday after the central bank fixed its official midpoint at a six-month low.
Wall Street Journal  Apr 3  Comment 
Cash is increasingly hard to come by in China, so businesses are paying one another with a form of IOUs known as acceptance drafts. Analysts say banks aren't channelling enough funds into the economy.
The Economic Times  Apr 3  Comment 
Yuan is expected to tread a steady upward curve for the rest of this year, as investors anticipate an improving export picture from the second quarter.
Wall Street Journal  Apr 3  Comment 
A company owned by Alibaba Group Executive Chairman Jack Ma agreed to pay 3.3 billion yuan ($532 million) for more than 20% of a Chinese financial-software developer.
The Economic Times  Apr 3  Comment 
Yuan edged lower against the dollar after the central bank fixed a weaker official midpoint, helping end a rebound in the Chinese currency.
Wall Street Journal  Apr 2  Comment 
Assets managed by funds that use offshore yuan to invest in mainland China shrank in March at the fastest pace in nine months, the latest sign of investors' unease with the world's second-largest economy.
FX Street  Apr 2  Comment 
For those Chinese firms who have positioned for a strengthening currency, a recent weakening in the... For more information, read our latest forex news and reports.




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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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