rmb issue problem

Topics: People's Republic of China, Chinese language, China Pages: 2 (500 words) Published: October 30, 2014
happy life i want to be who i want todo my favorite thing The yuan is the base unit of a number of former and present-day Chinese currencies, and usually refers to the primary unit of account of the renminbi, the currency of ...A variety of currencies circulated in China during the Republic of China (ROC) era, most of which were denominated in the unit yuán (pronounced [jʏɛn˧˥]). Each was distinguished by a currency name, such as the fabi ("legal tender"), the "gold yuan", and the "silver yuan".The renminbi is legal tender in mainland China, but not in Hong Kong or Macau. Renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the People's Bank of China, the monetary authority of China.[4]

Until 2005, the value of the renminbi was pegged to the U.S. dollar. As China pursued its historical transition from central planning to a market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity (see below).[5] More recently, however, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the Federal Reserve and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012.[6]As of 2013, renminbi banknotes are available in denominations from ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao), ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, and ¥100 yuan. These denominations have been available since 1955, except for the 50 and 100 yuan notes (added in 1980) and 20 yuan notes (added in or after 1999). Coins are available in denominations from 1 fen to 1 yuan (¥0.01–1). Thus some denominations exist in both coins and banknotes....
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