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The Chinese People's money

17 years and 6 months ago · listen

  • 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.

At this moment, trades at 8.11, but now it can vary, which is good, I guess...