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 ?
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.
Taiwan and China inked a memorandum of understanding on the Chinese yuan clearing mechanism in August last year.
And the Japanese government also agreed to hold Chinese yuan in its foreign-reserves portfolio.
As a part of the commercial cooperation agreement, BankMuscat will open a bank account in Chinese Yuan for the sake of facilitating the payments in relation with the trade between the Sultanate and China.
The chart shows percentage changes in dollar exchange rates during 2001-2008 relative to the following five currencies: Canadian dollars (CAD), Chinese yuan (CNY), European euros (EUR), British pounds (GBP), and Japanese yen (JPY).
ROCKETING demand for the Chinese yuan suggests that China may be making the leap from a niche to a mainstream holiday destination, according to Post Office Travel Services.
The price of the Chinese-built Prius will be 288,000 and 302,000 Chinese yuan (depending on trim level), with 3,000 units being planned for sale in 2006.
Nonetheless, some 87 members of Congress recently Signed and sent a letter to President Bush regarding the perceived under-valuation of the Chinese yuan.
Economic and fiscal policy minister Heizo Takenaka said Tuesday the value of the Chinese yuan should be more actively discussed in light of the country's growing economic power.
China's exports have increased rapidly since the effective devaluation of the Chinese yuan at the end of 1994, and the country's massive trade surplus - five times larger than that of Japan when scaled to GNP - provides millions of jobs for individuals who would otherwise be unemployed.
The SBP expects this settlement and clearing mechanism to reduce costs and increase efficiency for the local banking system in transacting in Chinese yuan, enhance market liquidity and facilitate settlement of growing trade and investment transactions between China and Pakistan in the said currency.
Karachi: State Bank of Pakistan allowed the Chinese yuan to be used for bilateral trade and investment activities.

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