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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 Renminbi has appreciated 22 percent since the mechanism reform in 2005 of the Yuan exchange rate. [9] However, during the onset of the 2007-2008 global financial crisis , the renminbi was unofficially repegged to the US dollar.
EUR/USD exchange rate. ... For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1.
According to data from the IMF, the U.S. dollar accounted for 59.17% of global allocated foreign exchange reserves in the third quarter of 2023 (the latest data set).
In July 2005, the daily trading price of the US dollar against the renminbi in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity [58] published by the People's Bank of China; in a later announcement published on 18 May 2007, the band was extended to 0.5%. [59]
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
List of 31 provincial-level administrative divisions in mainland China by Nominal GDP in 2023 (billions of GDP) [1] Average exchange rate in 2023: CNY 7.0467 per USD [2] (PPP no longer included in the table for frequent changes in its index)
US dollar exchange rates graphs against Canadian dollar (from 1990), Mexican peso (from 1994) and Chinese Renminbi (from 1990) (the amount of Canadian dollars, pesos and renminbi per one dollar) Current exchange rates