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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

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.

Yuan Continues Weekly Gains

With almost every day on Forex being bullish for the Chinese yuan, today it continued its appreciation against other major currencies and particularly against the U.S. dollar, which is now in a bearish trend after the latest Fed‘s rate cut.

Chinese Yuan at a Highset Rate against Dollar

According to the China Foreign Exchange Trading System, the dollar/yuan central parity rate was set at its record low  since the scrap of peg to dollar – 7.2775; down from 7.2996 previous recent record level.

Chinese Yuan Appreciates on Diversification

The United States Treasury International Capital report showed that China has been selling its Treasuries for a third month in a row in October 2007, which may signal for the start of the funds diversification.

Chinese Yuan Rushed by Henry Paulson

U.S. Treasury Secretary Henry Paulson is going to visit China again in order to motivate the government to increase the pace of the change in which yuan would appreciate against U.S. dollar and other world currencies.

Chinese Yuan Appreciation Hurried by Japan

Fukushiro Nukaga, Japanese Minister of Finance, joined the “league” of European and U.S. officials in their endeavor to convince Chinese government to take more definite actions aimed towards yuan’s free exchange rate.