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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.
1 US dollar to renminbi, since 1981. For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per dollar. During the 1970s, it was revalued until it reached ¥1.50 per dollar in 1980. When China's economy gradually opened in the 1980s, the renminbi was devalued in order to improve the competitiveness of Chinese exports.
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 ...
'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.
The average daily turnover of offshore renminbi foreign exchange market (CNH) was about US$20 billion by the end of 2013. [2] On 17 November, synchronised with the Shanghai–Hong Kong Stock Connect debut, the HKMA has lifted the daily yuan conversion cap (¥20,000). [22]
Chinese shares were an outlier in the region, with blue chips down 0.5%. ... It was last up 0.3% at 142.21 per dollar, but still down 1% on the week even in the face of broad dollar weakness ...
The unit of measurement for the data listed is the local currency Chinese yuan. In order to facilitate international comparison, the local currency is converted into US dollars and the purchasing power parity (int'l dollar). Shanghai is the biggest city by GDP in China (US$664 billion)