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 ?
The inevitable albeit gradual internationalisation of the Chinese yuan will steadily attract investors of all sorts to this counterbalancing global reserve alternative.
The value of the Chinese yuan is still highly controlled by authorities.
It is reported that FSC is planning to revise the existing cross-strait financial rules to allow the said OBUs and overseas branches to handle businesses in Chinese yuan in addition to the local currencies of the countries where they are located.
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.
Regarding Chinese yuan, the dollar never increased in value during the given timeframe.
Over the past three years Post Office bureaux de change across the UK have tracked a growth in sales for Chinese yuan of more than 337%.
The currency market was swayed last week by speculation about revaluation of the Chinese yuan ahead of a meeting of Group of Seven financial leaders in London on Friday and Saturday this week, where participants are likely to take up the yuan revaluation issue.
This coupled with the condition that the Chinese Yuan is firmly tied to the dollar is causing Chinese goods to become more inexpensive in Europe than at any time in modern history.
South Korea's finance minister Kim Jin Pyo says a stronger Chinese yuan may slow growth in the country's second-biggest overseas market, suggesting he won't join a chorus on nations pushing China to allow its currency to appreciate.
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.
Billing and settlement currencies are both the Chinese Yuan (CNY/RMB) and the U.