Renminbi

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The Renminbi (RMB) (sign: ¥; code: CNY) is the official currency of the People's Republic of China (PRC). Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC.[4] Its name (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì) means "people's currency".

The primary unit of renminbi is the yuán (元). One yuan is subdivided into 10 jiǎo (角), which in turn is subdivided into 10 fēn (分). Renminbi banknotes are available in denominations from 1 jiao to 100 yuan. Coins are used infrequently compared to banknotes, and have values from 1 fen to 1 yuan.

Through most of its history, the value of the renminbi was pegged to the U.S. dollar. Initially, the exchange rate was unrealistically high. As China gradually transitioned from central planning to a free market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. The current official exchange rate is far lower than the real value of the renminbi (see below).

Since 2005, renminbi exchange rate is allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government announced that it would gradually increase the flexibility of the exchange rate.

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