Chinese Renminbi (CNY)

QUOTE AND NEWS
The Hindu Business Line  5 hrs ago  Comment 
China's yuan fell to the lowest level against the dollar in more than two years on Friday, after the central bank weakened the midpoint by nearly 100 points to reflect strength in the global dolla...
Mondo Visione  Feb 26  Comment 
Last month’s SWIFT RMB Tracker covered the Renminbi (‘RMB’) breaking into the top five world currencies used in global payments. This month the focus is on the use of RMB as currency for documentary credit transactions. Recent SWIFT data...
The Economic Times  Feb 26  Comment 
The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.
The Economic Times  Feb 25  Comment 
Central banks hold China's yuan in their currency reserves and the amount held there and in sovereign wealth funds should grow by $500 billion.
MarketWatch  Feb 25  Comment 
China’s currency, the renminbi, has gotten much stronger, but Beijing should avoid the temptation to weaken it, writes Stephen Roach.
The Straits Times  Feb 24  Comment 
February 25, 2015 1:46 AM OCBC Bank celebrated the Year of the Goat with more than 1,000 of its SME customers over two nights, ending yesterday.
MarketWatch  Feb 23  Comment 
As currency wars threaten to engulf its China and spur it to devalue the yuan, Hong Kong looks highly exposed to a massive slowdown, writes Craig Stephen.
SeekingAlpha  Feb 23  Comment 
The Economist  Feb 19  Comment 
CHINESE officials tired of defending their exchange-rate policy can at least appreciate the irony in the latest charges levelled against them. For years foreigners accused them of keeping the yuan artificially weak to boost exports. Now, domestic...
Channel News Asia  Feb 19  Comment 
Car rental companies are enjoying brisk business this Chinese New Year, with seven-seater SUVs and MPVs proving to be the most popular.




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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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