Renminbi | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-10-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Renminbi


00:02:26 1 Terminology
00:03:26 2 History
00:03:35 2.1 19th century
00:05:33 2.2 Early 20th century
00:08:13 2.3 Era of the planned economy
00:08:55 2.4 Transition to an equilibrium exchange rate
00:10:44 2.5 Evolution of exchange policy since 1994
00:11:34 2.6 Convertibility
00:13:27 3 Issuance
00:15:12 3.1 Coins
00:17:10 3.2 Banknotes
00:21:26 3.3 Commemorative issues of the renminbi
00:22:42 3.4 Use in minority regions
00:24:04 3.5 Production and minting
00:25:10 3.6 Suggested future design
00:25:34 4 Economics
00:25:43 4.1 Value
00:27:17 4.2 Depegged from the U.S. dollar
00:29:34 4.3 Managed float
00:31:45 4.4 Futures market
00:32:04 4.5 Purchasing power parity
00:33:34 4.6 Internationalization
00:35:11 4.7 International reserve currency
00:37:07 4.8 Use as a currency outside mainland China
00:39:37 4.9 Other markets
00:40:21 4.10 Current exchange rates
00:40:30 5 See also



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SUMMARY
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The renminbi (abbreviated RMB; simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally: 'people's currency'; symbol: 元/¥; code: CNY) is the official currency of the People's Republic of China, and one of the world's major reserve currencies. The yuan (Chinese: 元; pinyin: yuán) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between renminbi and yuan is that renminbi is the name of the currency and yuan refers to its primary unit. One yuan is subdivided into 10 jiao (Chinese: 角; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: 分; pinyin: fēn). The renminbi is issued by the People's Bank of China, the monetary authority of China.The renminbi is sometimes referred to as the redback in the US financial press.Until 2005, the value of the renminbi was pegged to the US dollar. As China pursued its 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. However more recently, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American 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. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi, it became the world's 8th most traded currency in 2013, 5th by 2015, but 8th in 2019.On 1 October 2016, the RMB became the first emerging market currency to be included in the IMF's special drawing rights basket, the basket of currencies used by the IMF (reserve currency).