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The renminbi (RMB, also known as Chinese yuan; ISO code: CNY) is the official currency of the People's Republic of China. [1] Although it is not a freely convertible currency , and has an official exchange rate , the CNY plays an important role in the world economy and international trade .
The Renminbi has appreciated 22 percent since the mechanism reform in 2005 of the Yuan exchange rate. [9] However, during the onset of the 2007-2008 global financial crisis, the renminbi was unofficially repegged to the US dollar. It was again depegged from the dollar in June 2010.
1 US dollar to renminbi, since 1981. For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per dollar. During the 1970s, it was revalued until it reached ¥1.50 per dollar in 1980.
According to data from the IMF, the U.S. dollar accounted for 59.17% of global allocated foreign exchange reserves in the third quarter of 2023 (the latest data set).
Old Chinese Currency used in 1920–23. This currency was also used in Hunza state.. The use of shell money is attested to in the Chinese writing system.The traditional characters for 'goods' (貨), 'buy/sell' (買/賣), and 'monger' (販), in addition to various other words relating to 'exchange', all contain the radical 貝, which is the pictograph for shell (simplified to 贝).
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
It is also used as a synonym of that currency, especially in international contexts – the ISO 4217 standard code for renminbi is CNY, an abbreviation of "Chinese yuan". (A similar case is the use of the terms sterling to designate British currency and pound for the unit of account.)
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...