Renminbi

The renminbi () is the official currency in the mainland of the People's Republic of China. It is issued by the People's Bank of China, the monetary authority of the PRC. The official ISO 4217 abbreviation is CNY, although also commonly abbreviated against ISO standard as "RMB."

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Mainland China's currency, which for the previous decade had been tightly pegged at 8.28 renminbi to the U.S. dollar, was revalued on July 21, 2005 to 8.11 per U.S. dollar, following the removal of the peg to the US dollar and pressure from the United States. The People's Bank of China also announced that the renminbi would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. dollar, and would trade within a narrow 0.3 percent band against this basket of currencies. China has stated that the basket is dominated by the U.S. dollar, euro, Japanese yen and South Korean won, with a smaller proportion made up of the British pound, Thai baht and Russian ruble.

Currency: :For current exchange rates, see Exchange links....

Mainland: This article is about the geomorphological/geopolitical term; MAINLAND is also a cheese brand owned by Fonterra, a New Zealand dairy company....

People's Republic of China: The People's Republic of China (PRC; Pinyin: Zh?nghu? R?nm?n G?ngh?gu? ; Traditional: ??????? Simplified: ???????), commonly referred to as China, is a country in East Asia. It is the world's most populous country, with a population of over 1.3 billion people, most of whom are said to be of Han Chin...