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Chinese Renminbi (CNY)

QUOTE AND NEWS
China vows to liberalise interest rates, push yuan reforms
The Straits Times  May 24  Comment 
May 24, 2013 5:36 PM BEIJING (REUTERS) - China will continue to liberalise interest rates, make the yuan currency more responsive to market forces and more convertible this year, the government said on Friday.     
[$] Wider Band Would Still Leave Yuan in Chains
Wall Street Journal  May 24  Comment 
A commitment by China's central bank to widen the band in which the yuan trades has raised expectations the currency could be freed. There's less to it than that.
ICBC to offer yuan clearing services from Monday
The Straits Times  May 23  Comment 
May 24, 2013 12:58 AM INDUSTRIAL and Commercial Bank of China (ICBC) Singapore will offer yuan-clearing services to participating banks from Monday.     
Stronger Yuan Makes Life Harder For Chinese Exporters
Forbes  May 19  Comment 
When it comes to the Chinese yuan's growing pains, there's no turning back.




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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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