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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. It was again depegged from the dollar in June 2010.
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.
On 28 October 2014 direct currency trading started between the Singapore dollar and the renminbi (CNY/SGD). [136] The Singapore dollar was added to the China Foreign Exchange Trade System (CFETS)'s platform, which as of 28 October 2014 offers financial operations and transactions between the yuan and ten foreign currencies.
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).
Nominal GDP is based on the official annual average exchange rate at CN¥ 6.3527 per US dollar in 2021; CN¥4.173 per Int'l. dollar (according to World Economic Outlook published by IMF in October 2021 publication) [6] [7] rank cities provinces GDP (billion CNY) GDP (billion US$) GDP (billion US$ in PPP) 1: Shanghai: municipality: 4,322: 680 ...
Mexico's peso, China's yuan, Russia's ruble, Turkey's lira, South Korea's won, South Africa's rand and New Zealand's, Hong Kong's and Singapore's dollars are now all included in the index for the first time. The 16 currencies used in the index accounted for 80% of the $5.3 trillion daily trading in global foreign exchange markets. [8]
U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar ...
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