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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 Gains as Its Dollar Peg Expected to End

The Chinese currency appreciated today against the dollar as China relaxed the yuan’s peg to the U.S. currency, the move which should stop blames for unfair trading advantage, brought by undervalued currency, from the U.S. President and other G-20 leaders.

Yuan Strengthens as Economy Grows

The Chinese yuan rose against the euro today on the speculation that the nation’s expanding economy will encourage the policy makers to allow the appreciation of the China’s currency.

Yuan’s Rise May Be Not Fast, but Is Expected

The Chinese yuan may gradually rise as the China’s government is likely to let the nation’s currency to appreciate in order to fight the inflation, but the sharp increase because of the foreign pressure isn’t expected.

China Lets Yuan Appreciate

The Chinese yuan gained on the prospect that the central bank will stop keeping the currency at current rate, removing the a 21-month-old peg, and allow it to appreciate, attempting to keep the inflation under control and also to make imports cheaper.

Yen Rises on Chinese Government Statement

After several days driven by risk appetite globally favoring high-yielding currencies and forcing commodities rates up, the rally was halted as China affirmed that the economic recovery is uneven, raising concerns among safeties and attracting them to the safety of the Japanese currency.

Yuan Falls as China Doesn’t Want Appreciation

The Chinese yuan declined at a fastest pace during the last two months as the country’s central bank lowered the reference exchange rate to stimulate the exporting industry.

China Wants “Super-Currency” for Reserves

China’s calls for creation of the super-national currency specifically for the global foreign exchange reserves state not only the Chinese point of view that the dollar is going to depreciate in the long-term perspective but also that China is going to play a major role in the process of creation of the new global financial structure.

Chinese Yuan Depreciates to July’s Levels

The Chinese yuan fell to the weakest level since August today as the country’s government continued to manipulate its currency before the scheduled meeting with the U. S. Treasury Secretary.

Yuan Reaches Post-Peg Peak Against Dollar

The Chinese yuan rose today to its new highest level against the dollar as the Forex traders reacted on the U.S. bank-rescue plan of dumping $700 billion into the economy that will hurt some important macroeconomic statistics and increase the supply of dollars.

Chinese Yuan May Slowdown on Lower CPI

The Chinese yuan traded almost unchanged in price against the U.S. dollar today after posting a significant gain yesterday on speculations that the central bank will reduce the currency’s appreciation rate as the inflation returns to its normal values.