Renminbi

The official currency of the People’s Republic of China, issued by the People’s Bank of China. Yuan is its principal unit of account.

Yuan: The principal unit of account of the renminbi, divided into 10 jiao. Yuan names the unit in which renminbi prices and amounts are commonly expressed.
China Foreign Exchange Trade System: A Chinese financial-market institution that operates trading and reference-rate systems for the renminbi. It organizes onshore foreign-exchange trading and publishes the daily central parity rate.
People’s Bank of China: China’s central bank, responsible for monetary policy and issuing renminbi currency. The bank began issuing renminbi in 1948, before the People’s Republic was founded.
Internationalization of the renminbi: The expansion of renminbi use in cross-border trade, finance, and official reserves. It describes efforts to increase the currency’s use beyond mainland China.
United States dollar: The official currency of the United States and the leading international reserve and trade currency. The dollar’s global role exceeds the renminbi’s despite China’s economic scale.
Jiao: A subdivision of the yuan equal to one-tenth of a yuan. The jiao is the renminbi’s intermediate unit between yuan and fen.
Managed float: An exchange-rate regime in which a currency fluctuates while authorities intervene or guide its movement. China uses managed exchange-rate arrangements rather than a freely floating renminbi.
Chinese Civil War: The conflict between the Chinese Nationalists and Communists that ended with Communist victory in mainland China in 1949. The Communist victory created the political setting for a unified national currency.
Offshore renminbi: Renminbi traded and held outside mainland China, especially in markets such as Hong Kong. Offshore markets allow international transactions while onshore currency controls remain.
Euro: The shared currency used by member countries of the European Union’s euro area. The euro is a major international currency issued by a supranational central bank.

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