Renminbi

Last updated

Renminbi

RMB
Renminbi banknotes
ISO 4217
CodeCNY (numeric:156)
Subunit 0.01
Unit
Unityuán ( / )
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol
Nicknamekuài ()
Denominations
Subunit
110jiǎo ()
1100fēn ()
Nickname
jiǎo ()máo ()
Banknotes
Freq. used¥1 RMB, ¥5 RMB, ¥10 RMB, ¥20 RMB, ¥50 RMB, ¥100 RMB
Coins
Freq. used¥0.1 RMB, ¥0.5 RMB, ¥1 RMB
Rarely used¥0.01 RMB, ¥0.02 RMB, ¥0.05 RMB
Demographics
Date of introduction1948;75 years ago
Replaced Nationalist-issued yuan
User(s)  People's Republic of China (Mainland China)
Wa State
Issuance
People's Bank of China
Website
Printer China Banknote Printing and Minting Corporation
Website
Mint China Banknote Printing and Minting Corporation
Website
Valuation
Inflation 2.5% (2017)
Source [1] [2]
Method CPI
ᠲᠦᠭᠦᠷᠢᠭ᠌, төгрөгtügürig). However, when used in the republic of Mongolia, it is still named yuani (Mongolian: юань) to differentiate it from Mongolian tögrög (Mongolian: төгрөг). One Chinese tügürig (tugreg) is divided into 100 mönggü (Mongolian: ᠮᠥᠩᠭᠦ, мөнгө), one Chinese jiao is labeled "10 mönggü". In Mongolian, renminbi is called aradin jogos or arad-un jogos (Mongolian: ᠠᠷᠠᠳ ᠤᠨ ᠵᠣᠭᠣᠰ, ардын зоосarad-un ǰoγos).
• When used in Tibet and other Tibetan autonomies, a yuan is called a gor (Tibetan : སྒོར་, ZYPY : Gor). One gor is divided into 10 gorsur (Tibetan : སྒོར་ཟུར་, ZYPY : Gorsur) or 100 gar (Tibetan : སྐར་, ZYPY : gar). In Tibetan, renminbi is called mimangxogngü (Tibetan : མི་དམངས་ཤོག་དངུལ།, ZYPY : Mimang Xogngü) or mimang shog ngul.
• When used in the Uyghur autonomy region of Xinjiang, the renminbi is called Xelq puli (Uighur : خەلق پۇلى)
• Production and minting

Renminbi currency production is carried out by a state owned corporation, China Banknote Printing and Minting Corporation (CBPMC; 中国印钞造币总公司) headquartered in Beijing. [38] CBPMC uses several printing, engraving and minting facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, Shanghai, Chengdu, Xi'an, Shijiazhuang, and Nanchang. Mints are located in Nanjing, Shanghai, and Shenyang. Also, high grade paper for the banknotes is produced at two facilities in Baoding and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website. [39] In addition, the People's Bank of China has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult.

Suggested future design

On 13 March 2006, some delegates to an advisory body at the National People's Congress proposed to include Sun Yat-sen and Deng Xiaoping on the renminbi banknotes. However, the proposal was not adopted. [40]

Economics

Renminbi
"Renminbi" in Simplified (top) and Traditional (bottom) Chinese characters

Value

Currency distribution of global foreign exchange market turnover [41]
RankCurrency ISO 4217
code
Symbol or
abbreviation
Proportion of
daily volume,
April 2019
Proportion of
daily volume,
April 2022
1
U.S. dollar
USD
US\$
88.3%88.5%
2
Euro
EUR
32.3%30.5%
3
Japanese yen
JPY
¥ / 円
16.8%16.7%
4
Sterling
GBP
£
12.8%12.9%
5
Renminbi
CNY
¥ / 元
4.3%7.0%
6
Australian dollar
AUD
A\$
6.8%6.4%
7
C\$
5.0%6.2%
8
Swiss franc
CHF
CHF
5.0%5.2%
9
Hong Kong dollar
HKD
HK\$
3.5%2.6%
10
Singapore dollar
SGD
S\$
1.8%2.4%
11
Swedish krona
SEK
kr
2.0%2.2%
12
South Korean won
KRW
₩ / 원
2.0%1.9%
13
Norwegian krone
NOK
kr
1.8%1.7%
14
New Zealand dollar
NZD
NZ\$
2.1%1.7%
15
Indian rupee
INR
1.7%1.6%
16
Mexican peso
MXN
\$
1.7%1.5%
17
New Taiwan dollar
TWD
NT\$
0.9%1.1%
18
South African rand
ZAR
R
1.1%1.0%
19
Brazilian real
BRL
R\$
1.1%0.9%
20
Danish krone
DKK
kr
0.6%0.7%
21
Polish złoty
PLN
0.6%0.7%
22
Thai baht
THB
฿
0.5%0.4%
23
Israeli new shekel
ILS
0.3%0.4%
24
Indonesian rupiah
IDR
Rp
0.4%0.4%
25
Czech koruna
CZK
0.4%0.4%
26
UAE dirham
AED
د.إ
0.2%0.4%
27
Turkish lira
TRY
1.1%0.4%
28
Hungarian forint
HUF
Ft
0.4%0.3%
29
Chilean peso
CLP
CLP\$
0.3%0.3%
30
Saudi riyal
SAR
0.2%0.2%
31
Philippine peso
PHP
0.3%0.2%
32
Malaysian ringgit
MYR
RM
0.1%0.2%
33
Colombian peso
COP
COL\$
0.2%0.2%
34
Russian ruble
RUB
1.1%0.2%
35
Romanian leu
RON
L
0.1%0.1%
Other2.2%2.5%
Total [note 3] 200.0%200.0%

For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per dollar. During the 1970s, it was revalued until it reached ¥1.50 per dollar in 1980. When China's economy gradually opened in the 1980s, the renminbi was devalued in order to improve the competitiveness of Chinese exports. Thus, the official exchange rate increased from ¥1.50 in 1980 to ¥8.62 by 1994 (the lowest rate on record). Improving current account balance during the latter half of the 1990s enabled the Chinese government to maintain a peg of ¥8.27 per US\$1 from 1997 to 2005.

The renminbi reached a record high exchange value of ¥6.0395 to the US dollar on 14 January 2014. [42] Chinese leadership have been raising the yuan to tame inflation, a step U.S. officials have pushed for years to lower the massive trade deficit with China. [43] Strengthening the value of the renminbi also fits with the Chinese transition to a more consumer-led economic growth model. [44]

In 2015 the People's Bank of China again devalued their country's currency. As of 1 September 2015, the exchange rate for US\$1 is ¥6.38.

Depegged from the US dollar

On 21 July 2005, the peg was finally lifted, which saw an immediate one-time renminbi revaluation to ¥8.11 per dollar. [45] The exchange rate against the euro stood at ¥10.07060 per euro.

However, the peg was reinstituted unofficially when the financial crisis hit: "Under intense pressure from Washington, China took small steps to allow its currency to strengthen for three years starting in July 2005. But China 're-pegged' its currency to the dollar as the financial crisis intensified in July 2008." [46]

On 19 June 2010, the People's Bank of China released a statement simultaneously in Chinese and English claiming that they would "proceed further with reform of the renminbi exchange rate regime and increase the renminbi exchange rate flexibility". [47] The news was greeted with praise by world leaders including Barack Obama, Nicolas Sarkozy and Stephen Harper. [48] The PBoC maintained there would be no "large swings" in the currency. The renminbi rose to its highest level in five years and markets worldwide surged on Monday, 21 June following China's announcement. [49]

In August 2015, Joseph Adinolfi, a reporter for MarketWatch, reported that China had re-pegged the renminbi. In his article, he narrated that "Weak trade data out of China, released over the weekend, weighed on the currencies of Australia and New Zealand on Monday. But the yuan didn't budge. Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China's stock market and a spate of disappointing economic data. Market strategists, including Simon Derrick, chief currency strategist at BNY Mellon, and Marc Chandler, head currency strategist at Brown Brothers Harriman, said that is because China's policy makers have effectively re-pegged the yuan. “When I look at the dollar-renminbi right now, that looks like a fixed exchange rate again. They’ve re-pegged it,” Chandler said." [50]

Managed float

The renminbi has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. In July 2005, the daily trading price of the US dollar against the renminbi in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity [51] published by the People's Bank of China; in a later announcement published on 18 May 2007, the band was extended to 0.5%. [52] On 14 April 2012, the band was extended to 1.0%. [53] On 17 March 2014, the band was extended to 2%. [54] China has stated that the basket is dominated by the United States dollar, euro, Japanese yen and South Korean won, with a smaller proportion made up of sterling, Thai baht, roubles, Australian dollars, Canadian dollars and Singaporean dollars. [55]

On 10 April 2008, it traded at ¥6.9920 per US dollar, which was the first time in more than a decade that a dollar had bought less than ¥7, [56] and at ¥11.03630 per euro.

Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of a maximum of US\$50,000. Currency exchange will only proceed if the applicant appears in person at the relevant bank and presents their passport or Chinese ID. Currency exchange transactions are centrally registered. The maximum dollar withdrawal is \$10,000 per day, the maximum purchase limit of US dollars is \$500 per day. This stringent management of the currency leads to a bottled-up demand for exchange in both directions. It is viewed as a major tool to keep the currency peg, preventing inflows of "hot money".

A shift of Chinese reserves into the currencies of their other trading partners has caused these nations to shift more of their reserves into dollars, leading to no great change in the value of the renminbi against the dollar. [57]

Futures market

Renminbi futures are traded at the Chicago Mercantile Exchange. The futures are cash-settled at the exchange rate published by the People's Bank of China. [58]

Scholarly studies suggest that the yuan is undervalued on the basis of purchasing power parity analysis. One 2011 study suggests a 37.5% undervaluation. [5]

• The World Bank estimated that, by purchasing power parity, one International dollar was equivalent to approximately ¥1.9 in 2004. [59]
• The International Monetary Fund estimated that, by purchasing power parity, one International dollar was equivalent to approximately ¥3.462 in 2006, ¥3.621 in 2007, ¥3.798 in 2008, ¥3.872 in 2009, ¥3.922 in 2010, ¥3.946 in 2011, ¥3.952 in 2012, ¥3.944 in 2013 and ¥3.937 in 2014. [60]

The People's Bank of China lowered the renminbi's daily fix to the US dollar by 1.9 per cent to ¥6.2298 on 11 August 2015. The People's Bank of China again lowered the renminbi's daily fix to the US dollar from ¥6.620 to ¥6.6375 after Brexit on 27 June 2016. It had not been this low since December 2010.

Internationalisation

Before 2009, the renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. Transactions between Chinese companies and a foreign entity were generally denominated in US dollars. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the People's Bank of China. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.

In June 2009 the Chinese officials announced a pilot scheme where business and trade transactions were allowed between limited businesses in Guangdong province and Shanghai, and only counterparties in Hong Kong, Macau, and select ASEAN nations. Proving a success, [62] the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included.

In steps intended to establish the renminbi as an international reserve currency, China has agreements with Russia, Vietnam, Sri Lanka, Thailand, and Japan, allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars, with Australia and South Africa to follow soon. [63] [64] [65] [66] [67]

International reserve currency

Currency restrictions regarding renminbi-denominated bank deposits and financial products were greatly liberalised in July 2010. [68] In 2010 renminbi-denominated bonds were reported to have been purchased by Malaysia's central bank [69] and that McDonald's had issued renminbi denominated corporate bonds through Standard Chartered Bank of Hong Kong. [70] Such liberalisation allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as Bank of Thailand (BOT) have expressed a serious concern about renminbi since BOT cannot substitute the deprecated US dollars in its US\$200 billion foreign exchange reserves for renminbi as much as it wishes because:

1. The Chinese government has not taken full responsibilities and commitments on economic affairs at global levels.
2. The renminbi still has not become well-liquidated (fully convertible) yet.
3. The Chinese government still lacks deep and wide vision about how to perform fund-raising to handle international loans at global levels. [71]

To meet IMF requirements, China gave up some of its tight control over the currency. [72]

Countries that are left-leaning in the political spectrum had already begun to use the renminbi as an alternative reserve currency to the United States dollar; the Central Bank of Chile reported in 2011 to have US\$91 million worth of renminbi in reserves, and the president of the Central Bank of Venezuela, Nelson Merentes, made statements in favour of the renminbi following the announcement of reserve withdrawals from Europe and the United States. [73]

In Africa, the central banks of Ghana, Nigeria, and South Africa either hold renminbi as a reserve currency or have taken steps to purchase bonds denominated in renminbi. [74] The "Report on the Internationalization of RMB in 2020", which was released by the People's Bank of China in August 2020, said that renminbi's function as international reserve currency has gradually emerged. In the first quarter 2020, the share of renminbi in global foreign exchange reserves rose to 2.02%, a record high. As of the end of 2019, the People's Bank of China has set up renminbi clearing banks in 25 countries and regions outside of Mainland China, which has made the use of renminbi more secure and transaction costs have decreased. [75]

Use as a currency outside mainland China

The two special administrative regions, Hong Kong and Macau, have their own respective currencies, according to the "one country, two systems" principle and the basic laws of the two territories. [76] [77] Therefore, the Hong Kong dollar and the Macanese pataca remain the legal tenders in the two territories, and the renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB. [78] Because of changes in legislation in July 2010, many banks around the world [79] are now slowly offering individuals the chance to hold deposits in Chinese renminbi.

The renminbi had a presence in Macau even before the 1999 return to the People's Republic of China from Portugal. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi-based credit cards cannot be used in Macau's casinos. [80]

The Republic of China, which governs Taiwan, believes wide usage of the renminbi would create an underground economy and undermine its sovereignty. [81] Tourists are allowed to bring in up to ¥20,000 when visiting Taiwan. These renminbi must be converted to Taiwanese currency at trial exchange sites in Matsu and Kinmen. [82] The Chen Shui-bian administration insisted that it would not allow full convertibility until the mainland signs a bilateral foreign exchange settlement agreement, [83] though president Ma Ying-jeou, who served from 2008 to 2016, sought to allow full convertibility as soon as possible.

The renminbi circulates [84] in some of China's neighbors, such as Pakistan, Mongolia [85] [86] and northern Thailand. [87] Cambodia welcomes the renminbi as an official currency and Laos and Myanmar allow it in border provinces such as Wa and Kokang and economic zones like Mandalay. [84] Though unofficial, Vietnam recognizes the exchange of the renminbi to the đồng. [84] In 2017 ¥215 billion was circulating in Indonesia. In 2018 a Bilateral Currency Swap Agreement was made by the Bank of Indonesia and the Bank of China which simplified business transactions, and in 2020 about 10% of Indonesia's global trade was in renminbi. [88]

Since 2007, renminbi-nominated bonds have been issued outside mainland China; these are colloquially called "dim sum bonds". In April 2011, the first initial public offering denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust Hui Xian REIT raised ¥10.48 billion (\$1.6 billion) in its IPO. Beijing has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi. [89] There is limited (under 1%) issuing of renminbi bonds in Indonesia. [88]

Other markets

Since currency flows in and out of mainland China are still restricted, renminbi traded in off-shore markets, such as the Hong Kong market, can have a different value to renminbi traded on the mainland. The offshore RMB market is usually denoted as CNH, but there is another renminbi interbank and spot market in Taiwan for domestic trading known as CNT.

Other renminbi markets include the dollar-settled non-deliverable forward (NDF), and the trade-settlement exchange rate (CNT). [90] [91]

Note that the two CNTs mentioned above are different from each other.

Notes

1. excluding special administrative regions Hong Kong and Macau.
2. A set of numeral characters used traditionally in financial and accounting settings, not used in daily writing; see Chinese numerals#Standard numbers
3. The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US\$) and another bought (€). Therefore each trade is counted twice, once under the sold currency (\$) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the US dollar is bought or sold in 88% of all trades, whereas the euro is bought or sold 32% of the time.

Related Research Articles

A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US\$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.

The yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US\$) and the euro. It is also widely used as a third reserve currency after the US dollar and the euro.

The Canadian dollar is the currency of Canada. It is abbreviated with the dollar sign \$. There is no standard disambiguating form, but the abbreviations Can\$ and C\$ are frequently used for distinction from other dollar-denominated currencies. It is divided into 100 cents (¢).

The naira is the currency of Nigeria. One naira is divided into 100 kobo.

The Philippine peso, also referred to by its Tagalog name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.

The Korean People's won, sometimes known as the North Korean won or Democratic People's Republic of Korea won, is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital city of Pyongyang.

The Hong Kong dollar is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.

The New Taiwan dollar is the official currency of Taiwan. The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. The basic unit of the New Taiwan dollar is called a yuan (圓) and is subdivided into ten jiao (角), and into 100 fen (分) or cents, although in practice both jiao and fen are never actually used.

The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen. The ringgit is issued by the Central Bank of Malaysia.

The Macanese pataca or Macau pataca is the currency of the Macau Special Administrative Region of the People's Republic of China. It is subdivided into 100 avos, with 10 avos called ho (毫) in Cantonese.

The Indian rupee is the official currency in the Republic of India. The rupee is subdivided into 100 paise, though as of 2023, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.

The hryvnia or hryvnya has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 kopiyok. It is named after a measure of weight used in medieval Kievan Rus'.

The Cuban peso also known as moneda nacional, is the official currency of Cuba.

The kyat is the currency of Myanmar (Burma). The typical notation for the kyat is "K" (singular) and "Ks." (plural), placed before the numerals followed by /-.

The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period.

The yuan is the base unit of a number of former and present-day currencies in Chinese.

The fifth series of the renminbi is the current coin and banknote series of the Chinese currency, the renminbi. They were progressively introduced since 1999 and consist of ¥0.1, ¥0.5, and ¥1 coins, and ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 notes. The ¥20 banknote is a new denomination, and was added in this series. All banknotes in this series feature a portrait of Chinese Communist Party chairman Mao Zedong by artist Liu Wenxi.

Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. The RMB was the 8th-most-traded currency in the world in 2013 and the 7th-most-traded in early 2014. By the end of 2014, RMB ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February 2015, RMB became the second most used currency for trade and services, and reached the ninth position in forex trading. The RMB Qualified Foreign Institutional Investor (RQFII) quotas were also extended to five other countries — the UK, Singapore, France, Korea, Germany, and Canada, each with the quotas of ¥80 billion except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270 billion quota.

The paper money of the Qing dynasty was periodically used alongside a bimetallic coinage system of copper-alloy cash coins and silver sycees; paper money was used during different periods of Chinese history under the Qing dynasty, having acquired experiences from the prior Song, Jin, Yuan, and Ming dynasties which adopted paper money but where uncontrolled printing led to hyperinflation. During the youngest days of the Qing dynasty paper money was used but this was quickly abolished as the government sought not to repeat history for a fourth time; however, under the reign of the Xianfeng Emperor, due to several large wars and rebellions, the Qing government was forced to issue paper money again.

Digital renminbi, or Digital Currency Electronic Payment, is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins.

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