Chinese Yuan Renminbi

Chinese Yuan Renminbi

Chinese Yuan Renminbi overview

The renminbi (Ab.: RMB; simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally: "people's currency"; sign: 元; code: CNY) is the official currency of the People's Republic of China. The yuan (Chinese: 元; pinyin: yuán) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao (Chinese: 角; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: 分; pinyin: fēn). The renminbi is issued by the People's Bank of China, the monetary authority of China.Until 2005, the value of the renminbi was pegged to the US dollar. As China pursued its transition from central planning to a market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity. More recently, however, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi, it became the world's 8th most traded currency in 2013, and 5th by 2015.On 1 October 2016, the RMB became the first emerging market currency to be included in the IMF's special drawing rights basket, the basket of currencies used by the IMF (reserve currency).

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Chinese Yuan Renminbi news

BRIEF-Neway Valve Suzhou Plans Share Buyback Worth 80-200 Million Yuan Within Six Months

Nov 16 (Reuters) - Neway Valve Suzhou Co Ltd: * SAYS IT PLANS TO BUY BACK COMPANY SHARES WORTH 80-200 MILLION YUAN ($11.51-$28.78 million) WITHIN SIX MONTHS Source text in Chinese: https://bit.ly/2K7IA0Z ...

indicative negative
BRIEF-Zhejiang Hailiang To Buy Back 500-1,000 Million Yuan Worth Of Company Shares

Nov 16 (Reuters) - Zhejiang Hailiang Co Ltd: * SAYS IT PLANS TO BUY BACK 500-1,000 MILLION YUAN ($71.96-143.92 million) WORTH OF COMPANY SHARES WITHIN SIX MONTHS Source text in Chinese: https://bit.ly/2PxIztl ...

indicative negative
BRIEF-Shenzhen Sunlord Electronics To Buy Back 100-200 Million Yuan Worth Of Company Shares

Nov 16 (Reuters) - Shenzhen Sunlord Electronics Co Ltd : * SAYS IT PLANS TO BUY BACK 100-200 MILLION YUAN ($14.39-28.78 million)WORTH OF COMPANY SHARES WITHIN 12 MONTHS Source text in Chinese: https://bit.ly/2Tc5WH7 ...

indicative negative
PetroChina's gas marketing consolidation worries independent...

PetroChina will merge its wholesale natural gas sales unit with retail provider Kunlun Energy to shore up profits though the move worries independent gas sellers that fear the combination will create a monopoly.

conditional neutral
BRIEF-Teamax Smart City Technology To Invest Up To 350 Mln Yuan In Beijing's HKJ Group

Nov 15 (Reuters) - Teamax Smart City Technology Corp Ltd : * SAYS IT PLANS TO INVEST UP TO 350 MILLION YUAN ($50.43 million) IN BEIJING'S HKJ GROUP Source text in Chinese: https://bit.ly/2RWaK1B Further ...

indicative negative
BRIEF-China CSSC's Unit Signs Contract For About 3.6 Bln Yuan To Build 10 Bulk Carriers

Nov 15 (Reuters) - China CSSC Holdings Ltd: * SAYS UNIT SIGNS SHIPBUILDING CONTRACT FOR ABOUT 3.6 BILLION YUAN ($518.76 million) TO BUILD 10 BULK CARRIERS Source text in Chinese: https://bit.ly/2PYqpQH ...

indicative negative
Weaker retail sales loom over China's economy despite some bright spots

CHINA-ECONOMY/ACTIVITY (UPDATE 2, PIX, GRAPHIC):UPDATE 2-Weaker retail sales loom over China's economy despite some bright spots

conditional neutral

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