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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.
The names of the Korean and Japanese currency units, won and yen respectively, are cognates of Mandarin yuán, also meaning "round" in the Korean and Japanese languages. The Japanese yen (en) was originally also written with the kanji (Chinese) character 圓, which was simplified to 円 with the promulgation of the Tōyō kanji in 1946.
1 US dollar to renminbi, since 1981. For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per dollar. During the 1970s, it was revalued until it reached ¥1.50 per dollar in 1980. When China's economy gradually opened in the 1980s, the renminbi was devalued in order to improve the competitiveness of Chinese exports.
A mutiny is taking place in the global currency market, with a growing number of countries ditching the U.S. dollar in favor of China’s yuan — at least, that’s the rumor going around.
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The dollar has gained for five days on the yen, and was up another 0.6% to 155.27 , the highest level since July. ... China's blue chips closed down 0.2%. On the U.S. policy front, even before ...
The US dollar is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in a few cases, US coins) used in circulation. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank .
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