Chinese Yuan Renminbi

Chinese Yuan Renminbi

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).

British Pound

British Pound

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

9 Chinese Yuan Renminbi to British Pound exchange rates chart

9 CNY to GBP exchange rates graph
9 CNY to GBP Spot rate – This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes referred to as a ‘spot rate’. It is not the tourist rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life it is the same as the difference between wholesale and retail prices. The rates shown in financial newspapers and in broadcast media are usually the interbank rates.

9 CNY to GBP exchange rates table

Exchange CNY to GBP
9 Chinese Yuan Renminbi = 0.994 British Pound
18 Chinese Yuan Renminbi = 1.988 British Pound
45 Chinese Yuan Renminbi = 4.970 British Pound
90 Chinese Yuan Renminbi = 9.940 British Pound
Exchange Chinese Yuan Renminbi to British Pound
9 Chinese Yuan Renminbi to British Pound Cross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. For example, if you want to exchange Australian dollars into US dollars.

Best CNY/GBP rate at Thomas Exchange Global in London

9 CNY to GBP exchange rates at Thomas Exchange Global in London
9 Chinese Yuan Renminbi = 0.968 British Pound
Thomas Exchange Global
Thomas Exchange Global

Thomas Exchange Global was established in 1993 and has grown to become one of the leading providers of wholesale, retail, travel and commercial foreign exchange services to businesses and individual private clients in the UK. As a dedicated foreign exchange specialist, we have the professional expertise, in depth market knowledge, technological infrastructure and commitment to provide you with an unprecedented level of service that sets the standard in the foreign exchange industry. We are...

Best CNY/GBP rate at Bank of China in Shanghai

9 CNY to GBP exchange rates at Bank of China in Shanghai
9 Chinese Yuan Renminbi = 0.993 British Pound
Bank of China
Bank of China

Bank of China was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country’s central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China’s financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite...

9 CNY to GBP exchange rates news

METALS-Nickel drops for 3rd session to 11-mth low on strong dollar

Nickel prices on both the London and Shanghai exchanges fell on Monday to near 11-month lows due to pressure from a strong U.S. dollar and concerns over economic growth in China.

indicative positive
China reports new African swine fever outbreak in Anhui province
China reports new African swine fever outbreak in Anhui province

Outbreak infects 96 pigs on Anhui farm, killing 47; China has reported over 50 African swine fever cases since Aug; Pork producer Tangrenshen says.

indicative neutral
China's Ruyi, pretender to LVMH's throne, plots more "affordable luxury" deals
China's Ruyi, pretender to LVMH's throne, plots more "affordable luxury" deals

HONG KONG/BEIJING, Nov 12- China's acquisitive apparel firm Shandong Ruyi is targeting more global deals involving "affordable luxury" brands, under.

indicative positive
BRIEF-Beijing Qianjing Landscape Plans Share Private Placement To Fund Projects, Replenish Capital

Nov 11 (Reuters) - Beijing Qianjing Landscape Co Ltd : * SAYS IT AIMS TO RAISE UP TO 530 MILLION YUAN ($76.20 million) IN SHARE PRIVATE PLACEMENT TO FUND PROJECTS, REPLENISH CAPITAL Source text in Chinese: ...

indicative negative
Investors chew over Chinese firm's plan to pay bond interest in ham

SHANGHAI, Nov 9- A Chinese livestock company squeezed for cash has proposed to bondholders a plan to pay them some of the interest owed with ham and.

conditional positive
Asia stocks tumble after US rout; Tokyo down 3%

SYDNEY (BLOOMBERG) - Asian stocks tumbled at the open on Tuesday (Nov 13), with Japanese benchmarks sliding more than 3 per cent, following a tech-led slump on Wall Street overnight thanks to a deteriorating outlook for iPhone sales.. Read more at straitstimes.com.

indicative positive
Currency traders betting on a Brexit deal are having a rough time
Currency traders betting on a Brexit deal are having a rough time

A buoyant U.S. dollar, helped by uncertainties in the eurozone, is weighing on the British pound and making this Monday a painful start to the week for traders who believe a Brexit deal, which would likely give sterling a massive boost, could be near.

conditional negative
Great British pound slides in value amid renewed Brexit worries
Great British pound slides in value amid renewed Brexit worries

The Great British pound has slid in value against the US dollar amid renewed worries surrounding the ongoing issue of Brexit.

conditional neutral
British Pound Jumps As Barnier Says Brexit Treaty Text "Almost Ready"

Reporting to EU27 Ministers today after late night talks, Michel Barnier, the EU’s Chief Negotiator says “the parameters of a possible agreement are very largely defined”

conditional neutral

9 CNY to GBP currency converter