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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.
China's CFETS basket, which measures the yuan's value against currencies of its major trading partners, is down 1.4% this year but above the 100-mark implying the yuan has been stronger than those ...
Hong Kong's Hang Seng rallied 1.1%, although mainland Chinese bourses were mixed, with an index of blue chips little changed. China's offshore yuan edged down about 0.3% to 7.2716 per dollar ...
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 ...
It was replaced in 1948 by the gold yuan at a rate of 150,000 north-eastern yuan to 1 gold yuan. In 1945, notes were introduced in denominations of 1, 5, 10, 50 and 100 yuan. 500 yuan notes were added in 1946, followed by 1,000 and 2,000 yuan in 1947 and 5000 and 10,000 yuan in 1948. Various, mostly crude, coins were produced by the Soviets.
As of 2005, the yuan was generally considered by outside observers to be undervalued by about 30–40%. [183] [184] However, in 2017, the IMF stated that the yuan was correctly valued. [185] The renminbi is held in a floating exchange-rate system managed primarily against the US dollar. On 21 July 2005, China revalued its currency by 2.1% ...