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CNY

Renminbi
人民币 (simplified Chinese)
Renminbi banknotes.JPG
Renminbi banknotes of the 2005 series
ISO 4217
Code CNY
Number 156
Exponent 2
Denominations
Subunit
 1 yuán (元,圆)
110 jiǎo ()
1100 fēn ()
Plural The language(s) of this currency does not have a morphological plural distinction.
Symbol ¥
Nickname Grandpa Mao
 yuán (元,圆) kuài ()
 jiǎo () máo ()
Banknotes
 Freq. used ¥0.1, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
 Rarely used ¥0.2, ¥2
Coins
 Freq. used ¥0.1, ¥0.5, ¥1
 Rarely used ¥0.01, ¥0.02, ¥0.05
Demographics
Official user(s) China China
 Zimbabwe
Unofficial user(s)  Mongolia
 North Korea
 Myanmar (in Kokang , Wa and Mandalay)
 Vietnam (border area)
Issuance
Central bank People's Bank of China
 Website www.pbc.gov.cn
Valuation
Inflation 1.4%, July 2016
 Source '[1]'
 Method CPI
Pegged with Partially, to a basket of trade-weighted international currencies
Renminbi
Simplified Chinese 人民币
Traditional Chinese 人民幣
Literal meaning People's Currency
Yuan
Simplified Chinese 圆 (or 元)
Traditional Chinese 圓 (or 元)
Literal meaning circle (or unit), originally from the round shape of silver coins
Internationalization of the Renminbi
  • 2002 (2002): The Chinese government launches the Qualified Foreign Institutional Investor (QFII) program
  • January 2004 (2004-01): Retail depositors in Hong Kong are allowed for the first time to convert some of their savings into the renminbi
  • July 2005 (2005-07): China drops the U.S. dollar peg by fixing the renminbi’s exchange rate to a trade-weighted currency basket
  • July 2007 (2007-07): China issues its first batch of RMB-denominated bonds outside mainland territory
On November 24, 2010, Vladimir Putin announces that Russia's bilateral trade with China will be settled in ruble and yuan, instead of U.S. dollars.
  • August 2013 (2013-08): The renminbi becomes the world's 8th most widely traded currency
  • October 2013 (2013-10): The European Central Bank signs a currency swap agreement with the PBOC for ¥350 billion
  • January 2015 (2015-01): The renminbi becomes the world's 5th most widely traded currency
  • October 2015 (2015-10): The China International Payments System (CIPS) is launched
  • November 30, 2015 (2015-11-30): The International Monetary Fund decided that the Renminbi (10.92%) will be added to the Special drawing rights (SDR)'s basket effective October 1, 2016

The renminbi /ˌrɛnmɪnˈb/ (Chinese: 人民币; pinyin: About this sound rénmínbì [ɻə̌n mǐn bî]; lit. "people's currency"; sign: , ¥; ISO 4217: CNY) is the official currency of the People's Republic of China. The yuan (Chinese: 元, 圆; pinyin: yuán, [ɥæ̌n]) 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. One yuan is subdivided into 10 jiao (Chinese: ; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: ; pinyin: fēn).


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