THE CHINESE YUAN

The Chinese yuan 中方元 (currency sign: ¥; currency code: CNY) is the base unit of a number of modern Chinese currencies first introduced in 1889. The distinction between the yuan (CNY) and the renminbi (RMB) is that the yuan is the unit of measure of the currency, and the renminbi is the formal name of the currency, but carries no measurement value. When used in the English context of the foreign exchange market, the yuan is most commonly referred to.

Before 2010, China had kept the yuan at a fixed exchange rate against the US dollar, which ties the value of its currency to another country's currency or a commodity (like gold) or a basket of currencies.

Today, the yuan is here to stay and would bring some tangible benefits to China by creating a credible alternative to the heavily-dominated US dollar market as 85% of all foreign-exchange transactions worldwide are for US dollars. The Chinese currency will trade and pride itself freely as it becomes a medium of exchange worldwide that befits China’s giant economy and beyond.

This topic will keep the reader up-to-date on the latest yuan-related news from around China, everyday and every hour, whether economically or speculatively.

The Chinese Yuan is part of Business Exchange, suggested by Shay Stewart. This topic contains 1,915 news and 17 blog items. Read updated news, blogs, and resources about The Chinese Yuan. Find user-submitted articles and reactions on The Chinese Yuan from like-minded professionals.