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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 .
A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.The currency that is used as the reference is called the counter currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
The dim sum bond market generally refers to RMB-denominated bonds issued in Hong Kong. The majority of dim sum bonds are denominated in CNH, but some are linked to CNY (but paid in USD). In July 2007, dim sum bonds worth a total of US$657 million were issued for the first time by the China Development Bank. [8]
Selling rate: Also known as the foreign exchange selling price, it refers to the exchange rate used by the bank to sell foreign exchange to customers. It indicates how much the country's currency needs to be recovered if the bank sells a certain amount of foreign exchange. Middle rate: The average of the bid price and the ask price.
The yuan has become an important component of Russia's reserves as its economy increasingly becomes oriented towards China and other non-Western partners. By 2024, Russia's FX reserves were estimated to be around $570 billion to $600 billion, with a substantial portion in gold, yuan, and other non-traditional reserve assets.
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 December 2024, China's reserves totalled US $3.202 trillion, which is the highest foreign exchange reserves of any country [4]
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.
In this case the pre-agreed exchange rate, or strike price, is 2.0000 USD per GBP (or GBP/USD 2.00 as it is typically quoted) and the notional amounts (notionals) are £1,000,000 and $2,000,000. This type of contract is both a call on dollars and a put on sterling , and is typically called a GBPUSD put , as it is a put on the exchange rate ...