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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 .
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.
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 ...
In recent years, many central banks have diversified their foreign exchange reserves away from the U.S. dollar, driven by geopolitical risks, the desire to reduce dependency on the dollar, and the increasing importance of the Chinese yuan. However, this shift has been gradual, and the USD continues to dominate.
China's currency, the yuan, hit a post-revaluation high against the U.S. dollar Monday after the People's Bank of China set the yuan's reference rate for trading against the dollar at its highest ...
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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]
News of Bessent's appointment came late on Friday and U.S. Treasury bonds rallied sharply in response, with 10-year and 30-year yields falling 10-20 basis points back to pre-election levels.