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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 .
An undervalued currency causes serious problems and raises international criticism. Prominent economists including World Trade Organization (WTO) Director-General Pascal Lamy, [13] U.S. Federal Reserve Chairman Ben Bernanke, [14] Nobel Laureate Paul Krugman, [15] Director of the Peterson Institute for International Economics Fred Bergsten, [16] and Cornell University Professor Eswar Prasad [17 ...
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]
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 ...
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And the greenback also rose to its highest since July 30 against China's yuan. Together, the peso, Canadian dollar and yuan account for more than 40% of the Federal Reserve's 'broad' dollar trade ...
The law however seemed to have the opposite effect as the law appeared to reduce the age at which couples got married. In 1978 the average age of marriage for women was 22.4 and 25.1 in rural and urban areas respectively, and after the 1980 Marriage Law it decreased to 21.0 years of age in the decade after the law was enacted. [46]
On 10 April 2008, it traded at ¥6.9920 per US dollar, which was the first time in more than a decade that a dollar had bought less than ¥7, [63] and at ¥11.03630 per euro. Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of a maximum of US$50,000.