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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.
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.
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 ...
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.
No description. Template parameters [Edit template data] Parameter Description Type Status Amount 1 no description Number required Link? link Creates a link to the page for yuan Default No Boolean suggested See also Wikipedia:Manual of Style (dates and numbers)#Currencies Wikipedia:WikiProject China Template:AUD Template:CAD Template:HKD Template:JPY Template:USD Template:Currency The above ...
A well-known purchasing power adjustment is the Geary–Khamis dollar (the GK dollar or international dollar). The World Bank's World Development Indicators 2005 estimated that in 2003, one Geary–Khamis dollar was equivalent to about 1.8 Chinese yuan by purchasing power parity [ 4 ] —considerably different from the nominal exchange rate.
Neither the United States nor China would win a trade war, the Chinese Embassy in Washington said on Monday, after U.S. President-elect Donald Trump threatened to slap an additional 10% tariff on ...