Renminbi

Renminbi
人民币 (simplified Chinese)
Renminbi banknotes of the 2005 series
ISO 4217
Code	CNY
Number	156
Exponent	2
Denominations
Subunit
1	yuán (元,圆)
1⁄10	jiǎo (角)
1⁄100	fēn (分)
Plural	The language(s) of this currency does not have a morphological plural distinction.
Symbol	¥
Nickname	Grandpa Mao
yuán (元,圆)	kuài (块)
jiǎo (角)	máo (毛)
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  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

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. December 15, 2010 (2010-12-15): The renminbi begins to trade against the ruble on the Moscow Interbank Currency Exchange December 2011 (2011-12): China and Japan unveil plans to exchange each others' currencies directly June 2012 (2012-06): The renminbi begins to trade against the Japanese yen in Tokyo and Shanghai April 10, 2013 (2013-04-10): The renminbi begins to trade against the Australian dollar on the Australian foreign exchange market June 2013 (2013-06): The Bank of England signs a currency swap agreement with the PBOC for ¥200 billion On October 15, 2013, the British Chancellor of the Exchequer George Osborne announces that the pound sterling and the renminbi will be traded directly in London and Shanghai. 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 /ˌrɛnmɪnˈbiː/ (Chinese: 人民币; pinyin:  rénmínbì [ɻə̌n mǐn bî]; lit. "people's currency"; sign: 元, ¥; 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: 角; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: 分; pinyin: fēn).