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 ?
Standard Chartered Bank commissioned Asset Benchmark Research to conduct the Renminbi Review 2015 survey between late-October and mid-November, and interviewed 173 treasurers and senior finance executives from Asia, Europe and the US.
The Board decided that the renminbi, also known as the yuan, met all existing criteria including that the currencies are used by members whose exports have the largest value over a five-year period and are determined by the IMF to be 'freely usable.
Closer Renminbi ties between China and the UK, new CNH products in South Korea, and the imminent launch of the new cross-border Renminbi settlement system in CIPS (Cross Border Interbank Payment System) should also all help anchor confidence and bolster future CNH use.
China's exchange-rate policies have been a persistent source of controversy in the United States since shortly after the PBOC devalued the renminbi and pegged it to the dollar in 1995.
Her stance -- that it is just a matter of time before the renminbi is added to the basket -- garnered considerable media attention.
Royal Bank of Canada (NYSE: RY) has announced that it has completed its first cross-border renminbi payment.
Many experts at AFF noted that with the trend towards the internationalisation of the Renminbi, and China's firm push behind it, Hong Kong would only grow in economic strength from here on.
We are in active dialogue with the People's Bank of China and the Chinese financial community to make Dubai as a renminbi clearing hub.
The Chinese authorities confirm with this designation the important role that Luxembourg plays in the context of the internationalisation of the Renminbi and as one of the major European Renminbi hubs," it noted.
As a result, the Japanese yen has weakened sharply, including against the renminbi.
Many overseas banks are now more willing to carry out renminbi business," said Zhang Qingfu, head of the Middle East and Africa overseas business division of Haier Group, China's largest home appliance manufacturer, adding that cross-border trades with China can now be settled in renminbi in many countries and regions.
The implementation of this movement of funds is conducted through an intercompany loan," said Joe Ng, Asia Pacific head of Renminbi payments product management for Global Transaction Banking at Deutsche Bank.