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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 Weakens on Threats of Trade Sanctions from US & Europe

The yuan touched the highest level versus the US dollar today in more than two years on the speculation that China would allow its currency appreciate as the US and Europe threaten to implement the trade sanctions.

Chinese Yuan Depreciates for First Time in 13 Days

The Chinese yuan went down today for the first time in 13 days on the speculation that China wouldn’t increase the pace of the yuan’s appreciation in the response to the US threats of the trade sanctions.

Will Yuan Appreciate? Yes. Slowly.

The clash between the US and China over the freedom of the yuan’s movement continues. China indeed allowed its currency to appreciate but the US are obviously unpleased with pace of the appreciation and demand from China to let the yuan float more freely. Is the yuan really undervalued and will it appreciate in the future?

Yuan Rises to Highest Level Since 1993 vs. US Dollar

The Chinese yuan reached the strongest level since 1993 versus the US dollar today on the speculation that China’s government would allow the faster appreciation of the currency to avoid the trade sanctions from the US.

Yuan Rises as US Advisors Visit China

The Chinese yuan rises to the highest level in more than two weeks today against the US dollar as the US government advisers visit China, causing the speculations that the Chinese currency would be allowed to appreciate more.

Yuan Appreciation Continues, May Persist in Next Year

The Chinese yuan appreciated today as the macroeconomic data signaled about the worldwide economic growth and after the central bank set the daily reference rate higher in response to the dollar’s declines.

Yuan Declines on Efforts of Chinese Policy Maker to Keep it Low

The Chinese yuan fell today on the speculation that the signs of the deteriorating global economy may prompt the Chinese policy makers to limit the currency’s gains in order to prevent the damage to the exports, which the strong currency may cause.

Yuan Depreciates After Central Bank Lowered Reference Rate

The Chinese yuan declined today after the US currency rallied and the central bank lowered the reference rate; the increasing exports and the resulting trade surplus weren’t able to support the currency.

Yuan Strengthens and May Appreciate Further

The Chinese yuan strengthened today as the central bank kept its reference rate unchanged and after the stress test of the European banks failed to improve the confidence in the strength of Europe’s economy.

Yuan Rises Before G-20 Meeting

The Chinese yuan rose today as China set the daily reference rate to the record high level, giving the currency the chance to appreciate before the Group of Twenty nation’s meeting tomorrow in order to stop criticism for the yuan’s dollar peg.