![]() dollar reserves, while supporting trade between Chinese companies or the Chinese government and foreign companies. When it is traded outside mainland China, for example in Hong Kong, the currency identifier is "CNH." The set-up enables China to maintain greater control of its domestic currency and protect its U.S. When renminbi is traded in mainland China, for example in Shanghai, the currency identifier is "CNY" (for Chinese yuan). dollar, Japanese yen and euro.īut because of the onshore/offshore split, the renminbi is unique in that it has two fundamental trading markets. 4 There it joins the British pound sterling, U.S. 3 Though some argue the currency has devalued slightly, the Chinese government’s diligence at keeping its exchange rate stable, along with its increased popularity have led to the inclusion of the renminbi in the International Monetary Fund’s (IMF) 2016 basket of world currencies. 2 Second, in December 2015 China changed its “peg” for the onshore (domestic) version of the renminbi to a basket of many currencies, not only the U.S. First, the renminbi has been split into “onshore” and “offshore” versions that are essentially the same with the following exception: the onshore version continues to trade within a narrow (2 percent) band around a midpoint set by China’s government, while the offshore version is allowed to float more freely – meaning its exchange rate can vary more widely. Since 2006, however, a couple of things have changed. ![]() This meant that the Chinese government had tightly controlled the supply of the currency, in order to keep its foreign exchange rate very closely aligned to a fixed exchange rate with the U.S. 1 Until 2005, the renminbi had long had its value pegged to the U.S. Basically, the renminbi is the official currency of the People’s Republic of China ("renminbi" translates to "people’s currency"), while the yuan is a unit of that currency. Global-rates.There is often confusion around the difference between the renminbi (RMB) and the yuan. For more information and our disclaimer, click here.Īll central banks interest rates, click here In order to be able to show the data on this page, we make use of a large number of sources of information that we believe to be reliable. Summary of other central banks’ interest rates central bank interest rate Tables - current and historic Chinese central bank interest rates PBC latest interest rate changes change date This page shows the current and historic values of the central bank base interest rate of the Chinese central bank.įor a summary of the current interest rates of a large number of central banks please click here. The bank thereby has a lot of influence over the rates which need to be paid in the market for loans and mortgages and the interest paid on savings. This means - amongst other things - that the bank sets the interest rates for commercial banks. The Chinese central bank has complete autonomy with regard to the use of monetary instruments. The central bank base interest rate or base rate is PBC’s basic interest rate. When reference is made to the Chinese interest rate this often refers to the base interest rate.
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