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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 .
China's foreign exchange reserves are held by People's Bank of China, China's central bank. [3] The total of the reserves is regularly announced by the central bank. In October 2024, China's reserves totalled US $3.261 trillion, which is the highest foreign exchange reserves of any country [4]
During the Republican era (1911–1949), the transliteration "yuan" was often printed on the reverse of the first yuan banknotes but sometimes "dollar" was used instead. [ 5 ] In the Republic of China , the common English name is the "New Taiwan dollar" but banknotes issued between 1949 and 1956 used "yuan" as the transliteration. [ 6 ]
For instance, investing in gold is a great alternative because unlike the U.S. dollar, which has lost 98% of its purchasing power since 1971, gold’s purchasing power remains more stable over time.
The first locally minted silver dollar or yuan accepted all over Qing dynasty China (1644–1912) was the silver dragon dollar introduced in 1889. Various banknotes denominated in dollars or yuan were also introduced, which were convertible to silver dollars until 1935 when the silver standard was discontinued and the Chinese yuan was made fabi ...
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency.
[2] [3] The digital RMB is legal tender [4] and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. [2] The digital yuan is designed to move instantaneously in both domestic and international transactions. [2] [5] It aims to be cheaper and faster than existing financial transactions. [2]
The CGU's value, fixed against the US dollar, fluctuated against the Chinese yuan, based on the current yuan–dollar and yuan–sterling market exchange rates. After the UK abandoned gold in September 1931, only the yuan–dollar rate was used until 1933, when the sterling price of gold in the London market determined the value of the CGU.