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The data on exchange rate for Japanese Yen is in per 100 Yen. The end year rate for 1998–99 pertain to March 26, 1999 of Deutsche Mark rate. Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates.
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 .
RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. [1] [2] The RMB was the 8th-most-traded currency in the world in 2013 [3] and the 7th-most-traded in early 2014. [needs update]
The State Bank of Pakistan then stabilized the exchange rate by lowering interest rates and buying dollars, to preserve the country's export competitiveness. 2008 was termed a disastrous year for the rupee after the elections: between December 2007 and August 2008, it lost 23% of its value, falling to a record low of Rs.79/ 20 against the US ...
For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only country to do this; from the end of World War II until 1967, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system . [ 13 ]
It is a wholesale market through which most currency transactions are channeled. It is mainly used for trading among bankers. The three main constituents of the interbank market are: the spot market; the forward market; SWIFT (Society for World-Wide Interbank Financial Telecommunications) The interbank market is unregulated and decentralized.
The abbreviation RMB is not an ISO code but is sometimes used like one by banks and financial institutions. The currency symbol for the yuan unit is ¥, but when distinction from the Japanese yen is required RMB (e.g. RMB 10,000) or ¥ RMB (e.g. ¥10,000 RMB) is used.
Renminbi currency value is a debate affecting the Chinese currency unit, the renminbi (Chinese: 人民币 Code:CNY). The renminbi is classified as a fixed exchange rate currency "with reference to a basket of currencies ", [ 1 ] which has drawn attention from nations which have freely floated currencies and has become a source of trade friction ...