Chinese Yuan

(redirected from Yuan)
Also found in: Dictionary, Thesaurus, Encyclopedia, Wikipedia.
Related to Yuan: Yuan dynasty

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 yuan midpoint was pegged at RMB7.0039 to $1.00 on Thursday (Aug.
The yuan's moves over the past week are small compared with fluctuations of the euro and other major currencies.
However, he said that relatively strict foreign exchange policies in many BRI markets, as well as insufficient branch network of domestic financial institutions in those markets, are restricting the yuan's internationalization in the short term.
According to the official, Serey said allowing the use of the yuan for cross-border commerce and as digital payment did not mean NBC wants to push for the Chinese currency's use in retail business transactions in the Kingdom.
Yuan Ting, 27, was jailed for two years and six months, while Yuan Yee, 32, and Yuan Ling, 29, were each jailed for 15 months.
He said that trading in Yuan will take time despite the facility available at commercial banks.
Indeed, if China switched from the greenback to the yuan to pay its oil-sector suppliers, it would eliminate annual dollar demand in such contracts by $876 billion, leading to historic depreciation of the dollar.
After 10 years at the zoo, the pandas are now proud parents of their own cub, Yuan Zai, who was born on July 6, 2013.
Now, according to the statement, the Bank of China can open yuan accounts of banks operating in Pakistan to facilitate settlement of yuan-based transactions such as remittance to/from China.
The Pakistan central bank yesterday granted Bank of China permission to establish yuan settlement and clearing mechanism in a major step to encourage trade with Chinese currency and eventually in the respective local currencies.
It also is the latest in a series of steps by China to raise the world profile of the yuan.
China has done most of what it takes to pave the way for expanded usage of yuan globally, central bank governor Zhou Xiaochuan told a press conference on the sidelines of the first session of the 13th National People's Congress, Xinhua reported .