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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.
The People's Bank of China lowered the renminbi's daily fix to the US dollar by 1.9 per cent to ¥6.2298 on 11 August 2015. The People's Bank of China again lowered the renminbi's daily fix to the US dollar from ¥6.620 to ¥6.6375 after Brexit on 27 June 2016. It had not been this low since December 2010.
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).
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.
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)
USD/CNY exchange rate 1981–2022. The renminbi ("people's currency") is the currency of China, denominated as the yuan, subdivided into 10 jiao or 100 fen. The renminbi is issued by the People's Bank of China, the monetary authority of China. The ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". As of 2005, the yuan ...
The unemployment rate increased to 4.2%. Hurricanes and a strike by Boeing ( BA ) workers weighed heavily on the October report , which was revised to show there were 36,000 jobs created last month.