The ISO code for renminbi (which may also be used for the yuan) is CNY (an abbreviation for "Chinese yuan"), or also CNH when traded in off-shore markets such as Hong Kong. The currency is often abbreviated RMB, or indicated by the yuan sign ¥. The latter may be written CN¥ to distinguish it from other currencies with the same symbol (such as the Japanese yen). In Chinese texts the currency may also be indicated with the Chinese character for the yuan, 圆 (or 元 informally). The renminbi is legal tender in mainland China, but not in Hong Kong or Macau. Renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the People's Bank of China, the monetary authority of China.
Foreign institutions' net purchases of Chinese bonds have exceeded 1 trillion yuan so far this year, with their increased holdings estimated to have touched 250 billion yuan in November ... Volatility in Chinese government bond yields has been relatively lower and the two-way fluctuation of the renminbi exchange rate has become normalized.
The Chinese branding professional says she now only spends on skincare essentials, joining millions of other consumers who have cut back on cosmetics in the world's second biggest market ... "What Chinese consumers are still keen to spend ... ($1 = 7.1608 Chinese yuan renminbi).
In recent months, Chinese authorities have fanned hopes among some economists that the internal passport system that has largely tethered people's destinies to their place of origin since the 1950s may be in its dying days ... Most Chinese ... ($1 = 7.1233 Chinese yuan renminbi).
China’s renminbi has been on a wild ride this year, and it’s not just because of rollercoaster-like fluctuations in its value ... Companies earning renminbi through exports find their options for using the currency limited, often restricted to purchasing Chinese goods or paying off debts in renminbi.
"That very same weak renminbi has achieved something quite impressive in 2023 ... "At the same time, the lack of convertibility of the Chinese currency makes it very difficult for investors keen to buy up renminbi assets."Read the original article on Business Insider.
"It remains to be seen the extent to which Chinese policies restricting renminbi convertibility will limit the currency's growing use in cross-border trade and finance," he added.China's financial system needs the dollar ...Nations could eventually shift away from China's renminbi ...
Companies. Apple IncFollow ... SHANGHAI, Dec 6 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency ... GROWING LOSSES ... ($1 = 7.1579 Chinese yuan renminbi).
The lure of higher yields has been irresistible for Chinese financial institutions, leading them to invest heavily in dollar bonds issued by LGFVs ... While the government strives to wean off the dollar and enhance the renminbi’s global stature, Chinese investors’ growing affinity for dollar-denominated bonds contradicts this objective.