Definition of renminbi

Renminbi is the official name given to currency of the People's Republic of China. It means 'the people's currency'. It is equivalent to saying Sterling when referring to the UK's currency. Once in China the primary units of the currency are generally referred to as yuan or kwai, just as in UK one would refer to pounds.

The abbreviated notification of the currency is RMB, but since the trade in offshore renminbi got underway the onshore trade in renminbi is usually referred to as CNY, to differentiate it from CNH, which refers to renminbi traded in Hong Kong. In February 2013 Taiwan became the second major market, after Hong Kong, to be able to clear renminbi trades. Renminbi traded in Taiwan are referred to as CNT.

 

renminbi in the news

In October 2013 it was reported that London was strengthening its position as a global hub for offshore renminbi. London was estimated to account for 62 per cent of renminbi trading conducted outside China and Hong Kong, according to Swift, the global payments company, up from 54 per cent in January 2013.

View: Renminbi in depth page