Renminbi

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Renminbi
人民币 (in Cheenese (PRC))
ISO 4217 code CNY
Central bank Fowk's Bank o Cheenae
 Wabsteid www.pbc.gov.cn
Offeecial uiser(s) Fowkrepublic o Cheenae Cheenae
Unoffeecial uiser(s) [1][2]
 North Korea (till Nov 2009)[1]
 Burma (in Kokang an Wa)
 Hong Kong
 Macau
Inflation 1.7%, October 2012
 Soorce BBC News
 Method CPI
Pegged wi Partially, tae a basket o trade-wichtit internaitional sillers
Subunit
 1 yuán (元,圆)
 1/10 jiǎo (角)
 1/100 fēn (分)
Seembol ¥
Nickname none
 yuán (元,圆) kuài (块)
 jiǎo (角) máo (毛)
Plural The leid(s) o this siller daes nae hae a morphological plural distinction.
Coins
 Freq. uised ¥0.1, ¥0.5, ¥1
 Rarely uised ¥0.01, ¥0.02, ¥0.05
Banknotes
 Freq. uised ¥0.1, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
 Rarely uised ¥0.2, ¥2
Renminbi
Tradeetional Cheenese 人民幣
Simplifee'd Cheenese 人民币
Yuan
Cheenese

The renminbi (RMB, sign: ¥; code: CNY; an aa CN¥, an CN元) is the offeecial siller o the Fowkrepublic o Cheenae. Renminbi is legal tender in mainland Cheenae, but nae in Hong Kong, Taiwan, or Macau. Renminbi is sometimes acceptit in Hong Kong an Macau, an are easily exchynged in the twa territories, wi banks in Hong Kong allowin fowk tae maintain accoonts in RMB. The siller is issued bi the Fowk's Bank o Cheenae, the monetary authority o Cheenae.[3] Its name (simplifeed Cheenese: 人民币; traditeeonal Cheenese: 人民幣; pinyin: rénmínbì) leeterally means "fowk's siller".

The primary unit o renminbi is the yuán (元/圆). Ane yuan is subdividit intae 10 jiǎo (角), which in turn is subdividit intae 10 fēn (分). Renminbi banknotes are available in denominations frae 1 jiao tae 100 yuan (¥0.1–100) an coins hae denominations frae 1 fen tae 1 yuan (¥0.01–1). Thus, some denominations exist in coins an banknotes. Coins unner ¥0.1 are uised infrequently.

Till 2005, the value o the renminbi wis pegged tae the U.S. dollar. As Cheenae pursued its historical transeetion frae central plannin tae a mercat economy, an increased its parteecipation in foreign trade, the renminbi wis devalued tae increase the competitiveness o Cheenese industry. It haed previously been claimed that the renminbi's offeecial exchynge rate wis unnervalued bi as much as 37.5% against its purchasin pouer parity (see alaw).[4]

Syne 2005, the renminbi exchynge rate haes been allowed tae float in a narrow margin aroond a fixed base rate determined wi reference tae a basket o warld sillers. The Cheenese govrenment haes annoonced that it will gradually increase the flexibility o the exchynge rate. Cheenae haes ineetiatit various pilot projects tae "internaitionalize" the RMB in the hope that it will acome a reserve siller ower the lang term.[5][6] Lately, however, appreciation actions bi the Cheenese govrenment, as well as quantitative easin measurs taken bi the Federal Reserve an ither major central banks, hae caused the renminbi tae be within as little as 8% o its equilibrium value bi the seicont hauf o 2012.[7]

References[eedit | eedit soorce]

  1. 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named peoplesdaily
  2. Cite error: Invalid <ref> tag; no text was provided for refs named takungpao
  3. Article 2, "The People's Bank of China Law of the People's Republic of China". 2003-12-27. 
  4. Lipman, Joshua Klein (2011). "Law of Yuan Price: Estimating Equilibrium of the Renminbi" (PDF). Michigan Journal of Business. 4 (2). Retrieved 2011-05-23.  Unknown parameter |month= ignored (help)
  5. Wagner, Wieland (26 Januar 2011). "China Plans Path to Economic Hegemony". Der Spiegel. 
  6. Frankel, Jeffrey (10 October 2011). "The rise of the renminbi as international currency: Historical precedents". Voxeu.org. 
  7. http://www.washingtonpost.com/business/economy/chinas-currency-rises-against-the-dollar/2012/09/28/790415be-099e-11e2-a10c-fa5a255a9258_story.html

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