Renminbi

Renminbi is legal tender in mainland Cheenae, but nae in Hong Kong, Taiwan, or Macau. Renminbi is whiles acceptit in Hong Kong an Macau, an are easily exchynged in the twa territories, wi banks in Hong Kong allowin fowk tae maintain accoonts in RMB. The siller is issued bi the Fowk's Bank o Cheenae, the monetary authority o Cheenae. Its name (simplifeed Cheenese: 人民币; traditeeonal Cheenese: 人民幣; pinyin: rénmínbì) leeterally means "fowk's siller".

Renminbi
人民币 (in Cheenese)
ISO 4217
Code	CNY
Denominations
Subunit
1	yuán (元,圆)
1/10	jiǎo (角)
1/100	fēn (分)
Plural	The leid(s) o this siller dae(s) nae hae a morphological plural distinction.
Seembol	¥
Eik-name	none
yuán (元,圆)	kuài (块)
jiǎo (角)	máo (毛)
Banknotes
Freq. uised	¥0.1, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
Rarely uised	¥0.2, ¥2
Cunyies
Freq. uised	¥0.1, ¥0.5, ¥1
Rarely uised	¥0.01, ¥0.02, ¥0.05
Demografics
Offeecial uiser(s)	Cheenae
Unoffeecial uiser(s)	North Korea (till Nov 2009)  Burma (in Kokang an Wa)  Hong Kong  Macau
Issuance
Central bank	Fowk's Bank o Cheenae
Wabsteid	www.pbc.gov.cn
Vailuation
Inflation	1.7%, October 2012
Soorce	BBC News
Method	CPI
Pegged wi	Partially, tae a basket o trade-wichtit internaitional sillers

The primary unit o renminbi is the yuán (元/圆). Ane yuan is subdividit intae 10 jiǎo (角), which in turn is subdividit intae 10 fēn (分). Renminbi banknotes are available in denominations frae 1 jiao tae 100 yuan (¥0.1–100) an coins hae denominations frae 1 fen tae 1 yuan (¥0.01–1). Sicweys, some denominations exist in coins an banknotes. Coins unner ¥0.1 are uised infrequently.

Till 2005, the value o the renminbi wis pegged tae the U.S. dollar. As Cheenae pursued its historical transeetion frae central plannin tae a mercat economy, an increased its parteecipation in foreign tred, the renminbi wis devalued tae increase the competitiveness o Cheenese industry. It haed previously been claimed that the renminbi's offeecial exchynge rate wis unnervalued bi as much as 37.5% against its purchasin pouer parity (see alaw).

Syne 2005, the renminbi exchynge rate haes been allowed tae float in a nairae margin aroond a fixed base rate determined wi reference tae a basket o warld sillers. The Cheenese govrenment haes annoonced that it will gradually increase the flexibility o the exchynge rate. Cheenae haes ineetiatit various pilot projects tae "internaitionalize" the RMB in the hope that it will acome a reserve siller ower the lang term. Lately, houiver, appreciation actions bi the Cheenese govrenment, as well as quantitative easin measurs taken bi the Federal Reserve an ither major central banks, hae caused the renminbi tae be within as little as 8% o its equilibrium value bi the seicont hauf o 2012.