Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  Mar 30  Comment 
China keeps a tight grip on the value of the yuan out of concerns that unpredictable currency inflows and outflows could harm the economy and weaken its financial control.
Benzinga  Mar 30  Comment 
BYD Co. (OTC: BYDDY) reported a 22% drop in its net profit for 2014. However, the company projects a rise in its earnings for the first quarter. BYD's net profit for the year slipped to 433.5 million yuan (US$69.8 million), versus a year-ago...
Wall Street Journal  Mar 30  Comment 
China suffered a second setback in as many weeks in its drive to boost the use of its currency abroad, even as the country steps up efforts to open up its capital account.
Financial Times  Mar 30  Comment 
Last throes of dollar bull party, says HSBC
Benzinga  Mar 27  Comment 
CNOOC Ltd (NYSE: CEO) reported a 6.6% rise in its net profit for 2014. CNOOC's net profit for the year climbed to 60.2 billion yuan, versus a year-ago profit of 56.46 billion yuan. Its revenue slipped 3.9% to 274.63 billion yuan versus...
Forbes  Mar 27  Comment 
Yuan Zhimin, chairman of Kingfa Science & Technology, and his wife Xiong Haitao, a company director, have joined the ranks of the world’s billionaire couples following gains in the share price of their Shanghai-listed resin maker.
Wall Street Journal  Mar 26  Comment 
China’s currency is on a tear despite a weakening economy. When it comes to the yuan, Beijing still pulls the strings.
MarketWatch  Mar 25  Comment 
In what would be a huge milestone in China’s emergence as a major world financial power, the IMF may adopt the country’s currency into the basket that makes up its global forex benchmark.
Reuters  Mar 25  Comment 
Chinese solar panel maker Yingli Green Energy Holding Co Ltd reported a bigger-than-expected quarterly loss, reflecting a drop in selling prices and the yuan's strength against the yen and euro.




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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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