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 ?
Not a chance, because China still lacks many of the economic, political, and cultural attributes that are essential for making the renminbi a global currency.
Xu Haifeng, Executive VP of Bank of China USA, "As The People's Bank of China (BOC) has announced that Bank of China New York branch as the first renminbi (RMB) clearing bank in the United States, BOC is now introducing more renminbi products and offering more renminbi services to US investors.
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.
The first part of these critics' charges is certainly true: China has undervalued the renminbi at least since 2001, as confirmed by China's massive accumulation of foreign-exchange reserves.
Meanwhile, cross-border settlement via the renminbi also experienced a boost thanks to the programs that streamlined the procedures.
25% to 2,016 in October from the prior month, mainly attributed to Renminbi deposit growth as FX turnover and Dim Sum bond performances remaind lacklustre.
In 2013, the renminbi entered the Bank of International Settlements top 10 most traded currency, contributing to 2.
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.
The shift from dollar cross-border settlement to yen or renminbi settlement will gain momentum if it is clearly shown that spreads on the customer market have become smaller.
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.
Among the currencies of the world's five largest economies, China's renminbi is the only one that is not a reserve currency.