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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]
USD/CNY exchange rate 1981–2022. The renminbi ("people's currency") is the currency of China, denominated as the yuan, subdivided into 10 jiao or 100 fen. The renminbi is issued by the People's Bank of China, the monetary authority of China. The ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". As of 2005, the yuan ...
The yuan has also enjoyed a growing share of global customer-initiated and institutional Swift payments over the past few years. But the U.S dollar has also seen growth over the same period ...
By excluding all Chinese laborers from entering the country, the law severely curtailed the number of immigrants of Chinese descent allowed into the United States for 10 years. [52] The law was renewed in 1892 and 1902. During that period, Chinese migrants illegally entered the United States through the loosely-guarded U.S.–Canadian border. [53]
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The U.S. dollar surged more than 1% to a four-and-a-half-year high against its Canadian counterpart and more than 2% against the Mexican peso. And the greenback also rose to its highest since July ...
In October, the Asian Development Bank (ADB) raised a ¥1.2bn 10-year bond, and became the first supranational agency which issued dim sum bonds and also the first issuer listed in the HKSE. The dim sum bond market grew 2.3 times from 2010 (¥35.8bn) to 2013 (¥116.6bn), with an outstanding amount at the end of 2013 of RMF 310bn. [2]