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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 .
On Friday, after Chinese markets were closed, the National People's Congress Standing Committee unveiled a 10 trillion yuan ($1.39 trillion) debt package to ease local government financing strains ...
The dollar slid against a host of European and Asian currencies, losing 0.6% against the euro to $1.090. It also tracked down 0.6% against the Japanese yen to 152.11 and 0.5% against China's yuan ...
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.
However, during the onset of the 2007-2008 global financial crisis, the renminbi was unofficially repegged to the US dollar. It was again depegged from the dollar in June 2010. After 2010, the exchange rate floated in line with fundamentals, [10] staying mostly between 6 and 7 CNY per USD.
In September 2024, the Chinese government has planned to issue 2 trillion yuan ($284.43 billion USD) in special sovereign bonds and cut 50 basis points to stimulate the economy. Other stimulus measures include consumer subsidies such as a monthly allowance of 800 yuan ($114 USD) per child to all households with two or more children, excluding ...
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. ... a swap programme sized at an ...
The unit of measurement for the data listed is the local currency Chinese yuan. In order to facilitate international comparison, the local currency is converted into US dollars and the purchasing power parity (int'l dollar). Shanghai is the biggest city by GDP in China (US$664 billion)