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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 .
Since the Chinese economic reforms of 1978, China has become the world's biggest exporter, second largest economy and biggest manufacturer in the world. [4] [5] 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.
However, in written Chinese contexts, the Chinese character for yuan (Chinese: 元; lit. 'constituent', 'part') or, in formal contexts Chinese: 圆; lit. 'round', usually follows the number in lieu of a currency symbol. Renminbi is the name of the currency while yuan is the name of the primary unit of the renminbi.
Meanwhile, the Chinese yuan — which many think is the biggest threat to the dollar — accounted for just 2.37% of reserves in the same period, with a high proportion of that being held by ...
China's yuan hit a 16-month high of 7.0640 per dollar. China is widely expected to trim its main policy and benchmark lending rates on Friday, a Reuters poll showed.
Instead the euro's stability and future existence was put into doubt, which reduced its share of global reserves to 19% as of year-end 2015 (vs 66% for USD). As of year-end 2020 these figures stand at 21% for EUR and 59% for USD. The percental composition of currencies of official foreign exchange reserves from 1995 to 2022. [14] [15] [16]
Currency ISO 4217 code Symbol or Abbrev. [2]Proportion of daily volume Change (2019–2022) April 2019 April 2022 U.S. dollar: USD $, US$ 88.3%: 88.5%: 0.2pp Euro
Graph of the price of a US dollar in Chinese yuan since 1990 In the 1990s and 2000s, there was a marked increase in American imports of Chinese goods. China 's central bank allegedly devalued yuan by buying large amounts of US dollars with yuan, thus increasing the supply of the yuan in the foreign exchange market, while increasing the demand ...