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The yuan currency jumped to a 16-month high against the dollar. ... by 50 basis points (bps), freeing up about 1 trillion yuan ($142 billion) for new lending. ... ($1 = 7.0456 Chinese yuan renminbi)
Correction: An earlier version of this story incorrectly stated the US dollar conversion for 1 trillion yuan. It is $142 billion. For more CNN news and newsletters create an account at CNN.com.
Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus.
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 .
The stimulus includes plans to rebuild areas damaged by the 2008 Sichuan earthquake. [1]The 2008–09 Chinese economic stimulus plan (simplified Chinese: 扩大内需十项措施; traditional Chinese: 擴大內需十項措施; pinyin: Kuòdà Nèixū Shíxiàng Cuòshī) was a RMB¥ 4 trillion (US$586 billion) stimulus package aiming to minimize the impact of the Great Recession on the economy ...
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]
Those measures, among others included in the stimulus package, are set to let loose around 1 trillion yuan, or more than $140 billion, in liquidity. China's stock market reacted positively to the ...
2021: the budget was announced to be 1.35 trillion yuan (US$209 billion), an increase of 6.8%. [11] 2022: the budget was announced to be 1.45 trillion yuan (US$230 billion), which is an increase of 7.1% over the last year. [12] 2023: the budget was announced to be 1.55 trillion yuan (US$224 billion), which is an increase of 7.2% over the last ...