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China Currency

ISO 4217 code
CNY
Central bank
People's Bank of China
 Website
www.PBC.gov.cn
Official user(s)
China
Zimbabwe[1]
Unofficial user(s)
[2]
North Korea[2]
Burma (in Kokang and
Wa)
Hong Kong
Macau
Inflation
1.7%, October 2012
 Source
BBC News
 Method
CPI
Pegged with
Partially, to a basket
of trade-weighted
international
currencies
Subunit
 1
yuán (元,圆)
 1/10
jiǎo (角)
 1/100
fēn (分)
Symbol
¥
Nickname
none
 yuán (元,圆)
kuài (块)
 jiǎo (角)
máo (毛)
Plural
The language(s) of
this currency does not
have a morphological
plural distinction.
Coins
 Freq. used
¥0.1, ¥0.5, ¥1
 Rarely used
¥0.01, ¥0.02, ¥0.05
Banknotes
 Freq. used
¥0.1, ¥0.5, ¥1, ¥5,
¥10, ¥20, ¥50, ¥100
 Rarely used
¥0.2, ¥2
Renminbi
Simplified Chinese
人民币
Traditional Chinese
人民幣
Transcriptions
Mandarin
Hanyu Pinyin
Rénmínbì
Wade–Giles
Jenminpi
Cantonese
Jyutping
Jan4 Man4 Bai6
Yuan
Chinese

Transcriptions
Mandarin
Hanyu Pinyin
Yuán
Wade–Giles
Yüan
Cantonese
Jyutping
Jyun4
The renminbi is the
official currency of the
People’s Republic of
China
. The name (simplified
Chinese: 人民币; traditional
Chinese: 人民幣; pinyin:
rénmínbì) literally
means "people's
currency".
The yuan (元/圆) (sign: ¥)
is the basic unit of the
renminbi, but is also
used to refer to the
Chinese currency
generally, especially in
international contexts.
(The distinction
between the terms
"renminbi" and "yuan" is
similar to that between
sterling and pound,
which respectively refer
to the British currency
and its primary unit.[3])
One yuan is subdivided
into 10 jiǎo (角), and a
jiǎo in turn is subdivided
into 10 fēn (分).
The ISO code for
renminbi (which may
also be used for the
yuan) is CNY (an
abbreviation for
"Chinese yuan"), or also
CNH when traded in
Hong Kong.[4] The
currency is often
abbreviated RMB, or
indicated by the yuan
sign ¥. The latter may
be written CN¥ to
distinguish it from other
currencies with same
symbol (such as the
Japanese yen). In
Chinese texts the
currency may also be
indicated with the
Chinese character for
the yuan, 元 (or 圆 in
traditional script), or
rarely CN元.[citation
needed]
The renminbi is legal
tender in mainland
China, but not in Hong
Kong, Taiwan, or Macau.
Renminbi is sometimes
accepted in Hong Kong
and Macau, and are
easily exchanged in the
two territories, with
banks in Hong Kong
allowing people to
maintain accounts in
RMB. The currency is
issued by the People's
Bank of China, the
monetary authority of
China.[5]
Until 2005, the value of
the renminbi was
pegged to the U.S. dollar.
As China pursued its
historical transition
from central planning to
a market economy, and
increased its
participation in foreign
trade, the renminbi was
devalued to increase
the competitiveness of
Chinese industry. It has
previously been claimed
that the renminbi's
official exchange rate
was undervalued by as
much as 37.5% against
its purchasing power
parity (see below).[6]
More recently, however,
appreciation actions by
the Chinese
government, as well as
quantitative easing
measures taken by the
Federal Reserve and
other major central
banks, have caused the
renminbi to be within as
little as 8% of its
equilibrium value by the
second half of 2012.[7]
Since 2006, the renminbi
exchange rate has been
allowed to float in a
narrow margin around a
fixed base rate
determined with
reference to a basket
of world currencies. The
Chinese government
has announced that it
will gradually increase
the flexibility of the
exchange rate. As a
result of the rapid
internationalization of
the renminbi
, it has become the
world's 8th most
traded currency


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