Chinese Renminbi (CNY)

QUOTE AND NEWS
The Hindu Business Line  42 min ago  Comment 
The yuan's recent depreciation moves it closer towards its real market value, the head of the Asian Development Bank said, dismissing fears that China may export deflation to its Asian neighbors b...
The Economic Times  3 hrs ago  Comment 
The PBOC set the midpoint rate at 6.3619 per dollar prior to the market open, firmer than the previous day's closing quote.
The Hindu Business Line  Sep 1  Comment 
Those who ‘Make In India’ are in peril if the Chinese begin to dump their products here
Financial Times  Sep 1  Comment 
Policymakers face choice between a return to currency peg or further devaluation
Forbes  Sep 1  Comment 
China’s manufacturing purchasing managers' index (PMI) dropped below 50 in August, according to data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The Economic Times  Sep 1  Comment 
Emerging Asian currencies fell to multi-year lows after China's devaluation on Aug. 11 sparked fears of a global currency war and a rout in the world financial markets.
The Economic Times  Sep 1  Comment 
The base for calculating reserves will be the nominal value of new contracts clients sign with banks to purchase dollars, or banks' dollar sales to clients.
The Economic Times  Sep 1  Comment 
The won was up 0.9 percent at 1,171.4 as of 0447 GMT, after strengthening as far as 1,170.2.
The Economic Times  Sep 1  Comment 
The offshore yuan weakened 0.4 percent in morning trade and was trading 0.7 percent down from the onshore spot at 6.415 per dollar.
The Hindu Business Line  Aug 31  Comment 
Market’s resilience limited to frontline companies




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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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