The Chinese People's money
Posted by bordalix Thu, 21 Jul 2005 10:38:00 GMT
- People's Bank of China establishes the Renminbi, or people's money, in December 1948. The currency is more commonly called the yuan.
- The yuan is fixed at 2.42 to the dollar from 1953 to 1972 - the height of China's Soviet-style planned economy.
- China introduces a dual track currency system. The yuan is maintained for domestic use only, while foreigners are required to use foreign exchange certificates.
- China adopts current account convertibility in 1996. The yuan trades in a narrow band of 8.28 to the dollar
- July 2005: China announces a shake-up in the way it values its currency. It ditches the dollar peg in favour of a basket of currencies.
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