Chinese Renminbi (CNY)

QUOTE AND NEWS
The Economic Times  May 7  Comment 
The People's Bank of China set the midpoint rate at 6.1113 per dollar prior to market open, firmer than the previous fix of 6.1156.
Yahoo  May 5  Comment 
BEIJING (Reuters) - The devaluation of currencies by some countries has led to sharp gains in the yuan (CNY=CFXS), China's trade ministry said on Tuesday as it promised to keep the yuan at a "basically ...
Financial Times  May 5  Comment 
Renminbi’s growing international stature will draw assets
newratings.com  May 5  Comment 
BEIJING (dpa-AFX) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Tuesday. Against the greenback, the yuan fell to a 1-week low of 6.2096 from an early high of 6.2081. If the yuan extends its downtrend, it is likely...
Wall Street Journal  May 4  Comment 
The IMF is close to declaring China’s yuan fairly valued for the first time in more than a decade, a milestone in the country’s efforts to open its economy.
Japan Today  Apr 30  Comment 
A McDonald's joint venture in China supplying its outlets with French fries has been slapped with a record 3.9 million yuan ($630,000) fine for water pollution, state media reported. The fine levied against Beijing Simplot Food Processing is...
The Economic Times  Apr 30  Comment 
Yuan payments increased in value by 33.5 percent in March from a month earlier. At a global level, all currencies increased in value by 18.9 percent during the same period.
Insurance Journal  Apr 29  Comment 
Ping An Insurance (Group) Co., China’s second-biggest insurer, said first-quarter profit rose 85 percent as stock-market rallies boosted investment returns and banking revenue expanded. Net income climbed to 20 billion yuan ($3.2 billion), or...




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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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