Renminbi
The renminbi (RMB, sign: ¥; code: CNY; an aa CN¥, 元 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 whiles 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".
| Renminbi | |
|---|---|
| 人民币 (in Cheenese) | |
| ISO 4217 | |
| Code | CNY |
| Denominations | |
| Subunit | |
| 1 | yuán (元,圆) |
| 1/10 | jiǎo (角) |
| 1/100 | fēn (分) |
| Plural | The leid(s) o this siller dae(s) nae hae a morphological plural distinction. |
| Seembol | ¥ |
| Eik-name | none |
| yuán (元,圆) | kuài (块) |
| jiǎo (角) | máo (毛) |
| Banknotes | |
| Freq. uised | ¥0.1, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 |
| Rarely uised | ¥0.2, ¥2 |
| Cunyies | |
| Freq. uised | ¥0.1, ¥0.5, ¥1 |
| Rarely uised | ¥0.01, ¥0.02, ¥0.05 |
| Demografics | |
| Offeecial uiser(s) |  Cheenae |
| Unoffeecial uiser(s) | [1][2] North Korea (till Nov 2009)[1] Burma (in Kokang an Wa) Hong Kong Macau |
| Issuance | |
| Central bank | Fowk's Bank o Cheenae |
| Wabsteid | www.pbc.gov.cn |
| Vailuation | |
| Inflation | 1.7%, October 2012 |
| Soorce | BBC News |
| Method | CPI |
| Pegged wi | Partially, tae a basket o trade-wichtit internaitional sillers |
| Renminbi | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Traditional Chinese | 人民幣 | ||||||||||||
| Simplified Chinese | 人民币 | ||||||||||||
| |||||||||||||
| Yuan | |||||||||||||
| Cheenese | 元 | ||||||||||||
| |||||||||||||
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). Sicweys, 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 tred, 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 nairae 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, houiver, 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- ↑ a b Cite error: Invalid
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<ref>tag; no text was provided for refs namedtakungpao - ↑ Article 2, "The People's Bank of China Law of the People's Republic of China". 27 December 2003. Archived frae the original on 20 Mairch 2007. Retrieved 22 Juin 2013.
- ↑ Lipman, Joshua Klein (2011). "Law of Yuan Price: Estimating Equilibrium of the Renminbi" (PDF). Michigan Journal of Business. 4 (2). Archived frae the original (PDF) on 27 Julie 2011. Retrieved 23 Mey 2011. Unknown parameter
|month=ignored (help) - ↑ Wagner, Wieland (26 Januar 2011). "China Plans Path to Economic Hegemony". Der Spiegel.
- ↑ Frankel, Jeffrey (10 October 2011). "The rise of the renminbi as international currency: Historical precedents". Voxeu.org.
- ↑ http://www.washingtonpost.com/business/economy/chinas-currency-rises-against-the-dollar/2012/09/28/790415be-099e-11e2-a10c-fa5a255a9258_story.html
Freemit airtins
eedit- Stephen Mulvey, 26 Juin 2010, Why Cheenae's siller haes twa names - BBC News
- Heiko Otto (ed.). "Yuán Renminbi (CNY / RMB) baunk notes 1953-2019" (in Inglis, German, and French). Retrieved 5 November 2017. (in Inglis) (in German) (in French)
- Heiko Otto (ed.). "Yuán Foreign Exchange Certificates (FEC) baunk notes 1980-1994" (in Inglis, German, and French). (in Inglis) (in German) (in French)