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The renminbi (RMB, also known as Chinese yuan; ISO code: CNY) is the official currency of the People's Republic of China. [1] Although it is not a freely convertible currency , and has an official exchange rate , the CNY plays an important role in the world economy and international trade .
For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per USD. During the 1970s it was revalued, until it reached ¥1.50 per USD in 1980. Its value gradually declined as China embarked on a new economic course during Deng Xiaoping's leadership and transformed into a more market-based capitalistic economy. [6] [7]
The People's Bank of China lowered the renminbi's daily fix to the US dollar by 1.9 per cent to ¥6.2298 on 11 August 2015. The People's Bank of China again lowered the renminbi's daily fix to the US dollar from ¥6.620 to ¥6.6375 after Brexit on 27 June 2016. It had not been this low since December 2010.
A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.The currency that is used as the reference is called the counter currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
The Philippine peso, also referred to by its Filipino name piso (Philippine English: / ˈ p ɛ s ɔː / PEH-saw, / ˈ p iː-/ PEE-, plural pesos; Filipino: piso [ˈpisɔː, ˈpɪsɔː]; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
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"Silver Dragon" yuan coin, 1904. 5-yuan note from a private bank, 1906. 5-yuan note of the Republic of China (1941) Taiwanese note for 10,000 yuan (1949) The yuan (/ j uː ˈ ɑː n,-æ n / yoo-A(H)N; sign: ¥; Chinese: 圓/元; pinyin: yuán; ⓘ) is the base unit of a number of former and present-day currencies throughout China.