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Chinese renminbi

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 , RMB, or ¥
Nickname Grandpa Mao
 yuán (元, 圆) kuài ()
 jiǎo () máo ()
Banknotes
 Freq. used RMB 1, RMB 5, RMB 10, RMB 20, RMB 50, RMB 100
 Rarely used RMB 0.1, RMB 0.2, RMB 0.5, RMB 2
Coins
 Freq. used RMB 0.1, RMB 0.5, RMB 1
Demographics
Official user(s)  China (mainland)
 Zimbabwe
Unofficial user(s)  Hong Kong
 Macao
 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 2.5 %, January 2017
 Source '[1]'
 Method CPI
Pegged with Partially, to a basket of trade-weighted international currencies
Renminbi
Renminbi (Chinese characters).svg
"Renminbi" in Simplified (top) and Traditional (bottom) Chinese characters
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 24 November 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
  • 30 November 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 1 October 2016

The Renminbi (Ab.: RMB; Chinese: 人民币; pinyin: About this sound rénmínbì; literally: "people's currency"; sign: ; code: CNY) is the official currency of the People's Republic of China. The yuan (Chinese: ; pinyin: yuán) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to mention the Renminbi. 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). The Renminbi is issued by the People's Bank of China, the monetary authority of China.


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