   
|
|
|
|
Yuan
|
The yuan is technically the base unit of the renminbi, the currency of the People's Republic of China. Although it is not their official currency, Hong Kong and Macao also use the yuan. CNY is the currency code for the yuan. The abbreviation for the yuan is often RMB. ¥ is the symbol for the yuan - same as for the Japanese yen. The People's Bank of China, the central bank for China, distributes the yuan. The People's Bank of China first introduced the yuan in 1948. In recent decades and until 2005, the yuan was artificially pegged to the US Dollar. The value at which the yuan was pegged varied over the years. For example, it was held to a peg of 8.28 yuan to one US dollar from 1995 to 2005. In July 2005, the Yuan started following a managed float against several currencies.
Rate this Yuan definition...
|
|
Where is the market headed? The answer may surprise you. Find out
right now with the exclusive & Barron's recommended charts of Chart of the Day.
|
Popular Terms: EBITDA, liquidity ratio, 401a, deferred tax, command economy, 144a, per diem, margin rate, deferred revenue, required rate of return, cancelled check, open position, stock split, ex-dividend, implied volatility, in escrow, irrevocable trust, limit order, quality assurance, risk management, 1035 exchange, Key Rate Duration, class C shares, current ratio, Zero Cost Collar, 1031 exchange, wholly-owned subsidiary, VIX, reverse mortgage, retained earnings, phantom income, option premium, minority interest, labor relations, ex-dividend date, covered put, real GDP, LIBOR, inflation, dividends payable, diluted share, debt service coverage, balance sheet, APR, equities, average price per share, FICO score, FTSE, stock market close
|
|
|
|
