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 ?
He said it is certain that the dollar value would fall if the IMF announced yuan as an international currency.
htm) the PBOC and the Bank of England signed a 200bn yuan currency swap deal .
The central bank of Taiwan did not however give details of the size of the Yuan holding, said the Reuters report.
ICBC Singapore, which was designated as the Yuan clearing bank in Singapore earlier this year, said 49 banks from Singapore and elsewhere opened accounts with it to become participating banks.
The direct settlement in yuan thus helps companies reduce operation costs.
The bank would be following in the footsteps of McDonalds , Volkswagen and UK retailer Tesco, which have all issued offshore bonds issued in yuan in the last year.
We are working on a plan to become a clearing hub for yuan settlements in the Middle East by 2015.
The report also showed that rural families had an average income of 5,919 Yuan, as compared to 19,109 Yuan in urban areas in 2010.
The day before my departure, they treated me to a very good dinner where we continued to converse about yuan.
Readers have debated the moral of the story for centuries, and, at least since the Song, have identified Zhang with Yuan Zhen himself.
Now, the five-year-old peg may be putting the nation's exports at an advantage by keeping the yuan down.
However, the thioesterase derived from mangosteen releases stearic acid before desaturase can turn it into oleic acid, explains Yuan.