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The Chinese yuan is the commonly used name for the currency of the People’s Republic of China. Officially, the modern Chinese currency is called the Renminbi, while the yuan is the primary unit of that currency. The currency is used in China, but not in Hong Kong and Macau. The first renminbi banknotes were introduced in December 1948. The yuan was pegged to the US dollar through the most part of its history, though since 2005 China allowed it to float in a narrow corridor and intends to widen the free-float range over time as a part of the transition from central planning to a free market economy. The usage of the yuan in international trade is limited by severe regulations that forbid the currency to be used in transactions with foreign entities. China showed willingness to ease these regulations as it strives to make the yuan new reserve currency. China made agreements with Russia, Vietnam, and Thailand that allow trade with those countries to be settled directly in renminbi.



Chinese Yuan News Archive

Yuan at Highest Level since End of Peg

The Chinese yuan rose to the highest rate against the U.S. dollar since the scrapping of the peg in 2005 as the investors expected China to quicken yuan gains in order to cut the inflation growth.

Chinese Yuan Rose on Dollar’s Decline

The Chinese yuan continued its record breaking growth against the U.S. dollar after a month-long pause today and rose to a new maximum level since the scrapping of the yuan-dollar peg in 2005.

Dollar Will Lose 11% to Yuan in 2008

According to the research paper, released by United Overseas Bank Ltd., the yuan has a strong chance to appreciate further this year to the total of 11 percent gain against the U.S. dollar in 2008.

Japan, South Korea and China to Create Foreign Reserve Pool

According to the Finance Minister of Japan, Fukushiro Nukaga, Japan, South Korea and China are in the process of creating the mutual pool of $80 billion foreign currency reserves in order to protect the Asian financial markets in case of a speculative attacks.

Chinese Yuan Closes Below 7 per Dollar

The Chinese yuan ended the domestic OTC trading session today below 7 yuan per U.S. dollar level — for the first time since the end of the peg to dollar in 2005.

Inflation Pushes Yuan to Highest Rate

The Chinese yuan rose to the highest rate against the U.S. dollar since the end of the yuan’s peg to dollar in 2005 as the government is believed to start fighting the domestic inflation rate more devotedly.

Yuan at Highest Rate since 2005

The Chinese yuan rose to its new highest rate against the U.S. dollar since the end of a currency’s peg to the dollar in 2005.

Appreciation of Yuan Keeps CPI Down

The People’s Bank of China released a monetary policy report for the fourth quarter of 2007 today. In this report, Chinese monetary authorities noted that the yuan’s appreciation really helps in fighting the national inflation.

Yuan on Record Rally Spree

Today was the fifth straight day when the Chinese yuan grew against the U.S. dollar and other major Forex currencies after the People’s Bank of China introduced its new anti-inflation policy.

USD/CNY at Record Low Level

The Chinese yuan continued its triumph this week and was set at a new record high value against the U.S. dollar today at the Shanghai Foreign Currency Trade session.

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