Chinese Renminbi (CNY)

QUOTE AND NEWS
Wall Street Journal  9 hrs ago  Comment 
Columnist Li Yuan writes that the global success that has helped make the smartphone company a subject of suspicion in the U.S. is proving to be a significant marketing advantage in China.
Wall Street Journal  Sep 14  Comment 
Borrowing costs in China’s offshore yuan market have skyrocketed again. A possible cause of the dysfunction: Beijing’s meddling from a year ago.
Financial Times  Sep 14  Comment 
Move sparks speculation among traders of market intervention
The Hindu Business Line  Sep 13  Comment 
Finance Ministry announced that five manufacturers were fined for fraudulently collecting a total of more than 1 billion yuan in subsidies.
Wall Street Journal  Sep 12  Comment 
The most vibrant market for yuan trading outside mainland China has turned into a key battleground for Beijing to defend the Chinese currency.
The Economic Times  Sep 8  Comment 
Both Chinese and foreign banks were purchasing dollars in the morning session, taking a "buy low, sell high" strategy to make quick profits, traders said.
Wall Street Journal  Sep 7  Comment 
China’s technology startups were red-hot for years. Today, writes Li Yuan, some in the industry describe the funding environment as “deep winter.”
Wall Street Journal  Sep 1  Comment 
Trading of the yuan has increased from three years ago, but it is almost exclusively with the U.S. dollar.
Reuters  Sep 1  Comment 
The Chinese yuan is expected to weaken more than previously thought in a year from now, as will India's rupee, as a slowdown in growth in Asia and rising chances of a near-term interest rate hike in the U.S. boost the dollar, a Reuters poll found.
Wall Street Journal  Aug 31  Comment 
Columnist Li Yuan writes that national outrage in China over reports of a phone swindle is focusing new attention on lax privacy protections.




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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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