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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 People's Bank of China lowered the renminbi's daily fix to the US dollar by 1.9 per cent to ¥6.2298 on 11 August 2015. The People's Bank of China again lowered the renminbi's daily fix to the US dollar from ¥6.620 to ¥6.6375 after Brexit on 27 June 2016. It had not been this low since December 2010.
Renminbi currency value is a debate affecting the Chinese currency unit, the renminbi (Chinese: 人民币 Code:CNY). The renminbi is classified as a fixed exchange rate currency "with reference to a basket of currencies ", [ 1 ] which has drawn attention from nations which have freely floated currencies and has become a source of trade friction ...
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. ...
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 ...
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.
As of November 2024, China's foreign exchange reserves totaled US$3.265 trillion, which is the highest foreign exchange reserves of any country. [ 1 ] The management of foreign exchange reserves is governed by the State Administration of Foreign Exchange (SAFE) [ 2 ] and the People's Bank of China .
Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus.