http://joaobordalo.com/articles_controller.rb/tag?tag=money en-us 40 Simplicity, Usability, Productivity, Code, Design, Business and more <ul> <li>People's Bank of China establishes the Renminbi, or people's money, in December 1948. The currency is more commonly called the yuan.<br /> <li>The yuan is fixed at 2.42 to the dollar from 1953 to 1972 - the height of China's Soviet-style planned economy.<br /> <li>China introduces a dual track currency system. The yuan is maintained for domestic use only, while foreigners are required to use foreign exchange certificates.<br /> <li>China adopts current account convertibility in 1996. The yuan trades in a narrow band of 8.28 to the dollar<br /> <li>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.<br /> </ul> At this moment, trades at 8.11, but now it can vary, which is good, I guess... Thu, 21 Jul 2005 06:38:00 -0400 urn:uuid:3921c366-206a-42ef-9e49-306403ec8508 bordalix http://joaobordalo.com/articles/2005/07/21/the-chinese-peoples-money china money