Research On The Rmb Issue
Research on the RMB Issue
History
The Renminbi is the official currency in the mainland of People’s Republic of China (PRC), whose principal unit is the yuan. It is issued by the People’s Bank of China, the monetary authority of the PRC. The official ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". Its symbol is ¥.
The renminbi was first issued by the People’s Bank of China in December 1948, about a year before the People’s Republic of China was established. One of the first tasks of the new government was to end the hyperinflation that had plagued China near the end of the Kuomintang (KMT) era. A revaluation occurred in 1955 at the rate of 1 new yuan =10,000 old yuan.
During the era of the plan economy, the value of the RMB was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual track currency system was......
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