The renminbi is the official currency of the People’s Republic of China. The name literally means “people’s currency”. “Renminbi” or RMB, is also called the Chinese Yuan or CNY, and the CNH when traded offshore. Whichever name it answers to, one thing is certain: the RMB is here to stay, and it’s changing the way the world does business.In 2005, the value of the renminbi was pegged to the U.S. dollar. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. In March 2011, the Former Premier [URL=http://english.gov.cn/2008-03/16/content_783363.htm]Wen Jiabao[/URL] said that China would continue to gradually increase the flexibility of its exchange rate. In August 2011, Vice Premier [URL=http://en.wikipedia.org/wiki/Li_Keqiang]Li Keqiang[/URL] started [URL=http://english.peopledaily.com.cn/90783/7572369.html]launch ceremony of RMB sovereign bonds in HK[/URL]. In September 2013 .....
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