Chinese Yuan


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Chinese Yuan

The currency of the People's Republic of China. It was introduced in Communist areas of China in 1948 during the Chinese Civil War, replacing multiple currencies previously in use. For much of its history, it was pegged to the U.S. dollar, which became especially important during the 1980s when China began opening itself to international trade. In 2005, the peg was changed to a currency basket, though the dollar remains important. In 2009, the Chinese government started to signal further dissociation from the dollar, though analysts disagree on how serious such moves are given the amount of dollar debt held by China.
References in periodicals archive ?
Many people feel that the Chinese yuan is undervalued,'' Takenaka said during a morning press conference, in reference to the World Trade Organization's (WTO) approval of membership for China on Saturday after 15 years of tough negotiations.
A devaluation of the Chinese yuan - which seems inevitable within a year or two - will complicate the ability of Indonesia and Thailand to rely on exports as the major stimulus for income growth.
Davis Hall continued, "The inevitable albeit gradual internationalisation of the Chinese Yuan will steadily attract investors of all sorts to this counterbalancing global reserve alternative.
Currently we are seeing growth in Russian companies interest in settlements using national currencies, in particular Chinese yuan, and of course, Russian roubles, commented Andrei Ivanov, Head of Sberbank CIB s Trade Finance and Correspondence Relations Division.
At the present time KASE carries out trading in US dollar, Euro, Russian rouble and Chinese yuan.
Following the meeting, the Chinese leader announced granting Yemen 100 million Chinese Yuan, on the occasion of the Yemeni president visit, 50 million Yuan as a gift to the Yemeni Defense Ministry and 200 Million Yuan as a long term free-interest loan.
Summary: DUBAI -- Emirates NBD on Wednesday announced the launch of Chinese yuan currency-denominated account products that include current accounts, call accounts and fixed deposits.
The deal, signed by the central banks of China and Taiwan on Thursday, is likely to increase the momentum of turning the Chinese yuan into an internationally convertible currency.
The US dollars' reserve currency status is challenged by the Chinese yuan and gold, said experts in the financial industry.
Muscat BankMuscat, the leading financial services provider in Oman, has become the first Omani bank to permit payments in Chinese yuan.
ISTANBUL, Jan 21, 2011 (TUR) -- Turkey's Is Bankasi will open Chinese yuan accounts, a bank statement said on Friday.
After moving narrowly in the lower 84 yen zone, the dollar subsequently edged down to the upper 83 yen level in the afternoon as the Chinese yuan hit a record high against the U.