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 ?
Chinese yuan's globalization journey generally started from piloting RMB settlement in cross-border trade in 2009 and picked up pace in 2016 when the IMF included the yuan in the basket of currencies that make up the Special Drawing Right, an alternative reserve asset to the dollar.
20 was decided as the best window of opportunity for Yuan Yuan and Tuan Tuan to do things the old fashioned way.
Industrial and Commercial Bank of China Ltd (ICBC) Pakistan has been allowed to establish a local yuan settlement and clearing setup in Pakistan enabling it to open yuan accounts of the Chinese banks operating in Pakistan and to facilitate settlement of yuan-based transactions such as remittance to/from China.
Trading in yuan has been agreed-upon in many international transactions before," said Panis.
The fluctuation of exchange rate is risky for businesses, because sometimes the US dollar could be appreciate or depreciate compare with the Chinese yuan,' he said.
After signing a Currency Swap Agreement (CSA) with People's Bank of China (PBoC) in 2012, the SBP had taken a series of steps to promote use of yuan in Pakistan for bilateral trade and investment with China.
In any case, as the press release emphasised, the bank had 'already put in place' all the tools that allow the yuan to be used for trade settlement.
The government of Pakistan, like other major countries in the world, is also considering a proposal to start using the Chinese yuan in trade with China.
PBOC recently decided to include a "counter-cyclical adjustment factor", which basically allows it to re-adjust the rates regardless of the last close, or what the markets decide as the fair exchange rate for the yuan.
454, 2014), the internationalization of the yuan started in trade-related transactions.
In general, it's a positive move for yuan internationalization.
Featuring Hong Kong action star Sammo Hung and Andy Lau, domestic movie "The Bodyguard" was second this week, raking in 167 million yuan since its release on April 1.