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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 Rises Beyond 6.6 per Dollar as China Battles Inflation

The Chinese yuan gained today against the US dollar, rising for the first time since 1993 beyond 6.6 yuans per dollar level, on the speculation that the government may allow the currency to appreciate faster in an attempt to rein the inflation. The currency weakened against the euro.

Can Yuan’s Gains Be Limited by Demands for Slower Appreciation?

The Chinese declined today as the Chinese executives call for a slower appreciation, while criticizing the US for the debasing of its currency and creating asset-bubbles on the emerging markets.

Yuan Slips as China Raises Interest Rates and May Do So Again

The Chinese yuan slipped today as the central bank raised its interest rates in an attempt to curb China’s significant inflation and to prevent the asset-bubble. China’s economic growth makes traders expect another rates hike in the future.

Yuan Appreciates as China’s Trade Surplus Grows

The Chinese yuan gained today on the speculation that the growing trade surplus would prompt the Chinese government to allow faster appreciation of the currency.

Yuan Appreciates as China’s Economy Continues to Grow

The Chinese yuan rose today on the speculation that China’s foreign reserves, which are largest in the world, would support the currency despite the European debt troubles and the tensions among North and South Korea.

Chinese Yuan Rises on Outlook for Further Interest Rates Hike

The Chinese yuan strengthened on the speculation that the central bank may increase the interest rates in order to slow the rapidly growing inflation, which may create an asset bubble.

Yuan Appreciates Ahead of G-20 Meeting

The Chinese yuan gained today on the speculation that the Chinese government would allow the currency to appreciate ahead of the Group of Twenty meeting.

Yuan Appreciation Slows as Dollar Strengthens

The Chinese yuan fell today to the lowest level in a month after the central bank set the reference rate lower for the third day, fueling the speculation the government would limit the currency’s gains.

China Raises Interest Rates, Can It Prevent Asset-Bubble?

The Chinese yuan slumped today against the US dollar, before rebounding later, after China’s policy makers raised the interest rates for the first time since 2007 to prevent the asset-bubble. The Chinese currency gained versus the euro.

International Pressure Makes Yuan Rise to Record vs. Dollar

The Chinese yuan climbed against the US dollar today to its highest level since 1993 on the speculation the Chinese policy makers will submit to the international pressure to allow the currency appreciate with faster pace.