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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 .
'American yuan') in Chinese, and the euro is called Ouyuan (simplified Chinese: 欧元; traditional Chinese: 歐元; pinyin: Ōuyuán; lit. 'European yuan'). When used in English in the context of the modern foreign exchange market , the Chinese yuan (CNY) refers to the renminbi (RMB), which is the official currency used in mainland China.
A mutiny is taking place in the global currency market, with a growing number of countries ditching the U.S. dollar in favor of China’s yuan — at least, that’s the rumor going around.
With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the People's Bank of China. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.
USA TODAY 16 hours ago UAW members at GM could get up to $14,500 in profit-sharing checks. GM saw gains in its pretax profits for North America last year that pushes profit-sharing checks for UAW workers to a record level.
Example of GNP-weighted nominal exchange rate history of a basket of 6 important currencies (US Dollar, Euro, Japanese Yen, Chinese Renminbi, Swiss Franks, Pound Sterling Bilateral exchange rate involves a currency pair, while an effective exchange rate is a weighted average of a basket of foreign currencies, and it can be viewed as an overall ...
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The U.S. dollar is joined by the world's other major currencies – the euro, sterling, Japanese yen and Chinese renminbi – in the currency basket of the Special drawing rights of the International Monetary Fund. Central banks worldwide have huge reserves of U.S. dollars in their holdings, and are significant buyers of US treasury bills and ...