However, more recently, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American 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. 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. As China pursued its 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. Until 2005, the value of the renminbi was pegged to the US dollar. 5.8 Use as a currency outside mainland China.4.4 Use in ethnic minority regions of China.4.3 Commemorative issues of the renminbi banknotes.3.4 Evolution of exchange policy since 1994.3.3 Foreign exchange certificates, 1980–1994.3.2 Transition to an equilibrium exchange rate.The renminbi is issued by the People's Bank of China, the monetary authority of China. One yuan divides into 10 jiao ( Chinese: 角 pinyin: jiǎo), and a jiao in turn divides into 10 fen ( Chinese: 分 pinyin: fēn). The yuan ( Chinese: 元 pinyin: yuán or simplified Chinese: 圆 traditional Chinese: 圓 pinyin: yuán) is the basic unit of the renminbi, but the word is also used to refer to the Chinese currency generally, especially in international contexts. 'People's Currency' symbol: 元/ 圆/ ¥ code: CNY) is the official currency of the People's Republic of China and one of the world's reserve currencies, ranking as the eighth most traded currency in the world as of April 2019. The renminbi ( abbreviation: RMB Chinese: 人民币 pinyin: Rénmínbì lit. ![]() "circle" (originally from the round shape of silver coins) " Renminbi" in Simplified (top) and Traditional (bottom) Chinese characters Partially, to a basket of trade-weighted international currencies People's Republic of China ( Mainland China)Ĭhina Banknote Printing and Minting Corporation The language(s) of this currency do(es) not have a morphological plural distinction.
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