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 Arab Petroleum Investments Corporation (APICORP) said it priced its inaugural benchmark-sized 630 million Chinese Renminbi (Dh366 million) Dim Sum bond offered an annual coupon of 4.7 per cent for a 3-year fixed rate maturing in 2021.
The flyer for the Shanghai International Ball and Leaders' Forum has a picture of the ex-PM and a price in Chinese renminbi.
The Pula basket, it says, comprises of the South African Rand and the IMF's Special Drawing Rights (SDR) consisting of the US Dollar, Japanese Yen, Chinese Renminbi, Euro and the British Pound.
40 Chinese Renminbi ($6) through Chinese payment providers QQ, Alipay, or
According to the company, the net loss was lower in H1 2016 primarily due to increase in revenue, decrease in selling and administrative expenses, and profit contribution from the affiliates, despite the decrease in other income due to exchange loss arising from devaluation of Chinese Renminbi.
NDFs are currency contracts that enable investors to hedge against exposure to restricted foreign currencies, like the Brazilian real, Chinese renminbi, and Indian rupee, against freely traded currencies, like the US dollar.
A survey has indicated that more Australian firms are using the Chinese renminbi to settle transactions with China.
Industrial and Commercial Bank of China (ICBC) has taken the first steps to enable institutions to issue and clear financial products denominated in Chinese Renminbi (RMB) in the US with BNY Mellon Corporate Trust acting as the issuing and paying agent on the CD, the company said.
In a study titled 'internationalisation of Currency: the Case of the Indian rupee and the Chinese renminbi', the bank said the dollar was likely to lose its predominance as the global reserve currency in the foreseeable future.
"The BOJ cited recent volatility in financial markets, particularly towards the outlook for the Chinese economy, as one of the catalysts behind its decision," reports Scutt, adding that the move is expected to increase the relative value of the US dollar and the Chinese renminbi. "The BOJ said the move was aimed at forestalling the risk of global financial turbulence that could hurt business confidence and revive the 'deflationary mindset' it has been striving to wipe out with aggressive money printing," notes a report in the Japan Times that combines wire service reports.
Summary: As the Chinese Renminbi increases its clout as a global currency, GCC markets must integrate into the emerging Redback zone, writes Nasser Saidi
dollar; 30.93% for the euro; 10.92% for the Chinese renminbi; 8.33% for the Japanese yen, and 8.09% for the British pound.