Low These are the lowest points the exchange rate has been at in the last 30 and day periods. Average These are the average exchange rates of these two currencies for the last 30 and 90 days. Volatility These percentages show how much the exchange rate has fluctuated over the last 30 and day periods. Currency Information. More Japanese Yen info. More Chinese Yuan Renminbi info. The world's most popular currency tools. Xe International Money Transfer. Send money. Xe Currency Charts.
View charts. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance.
Develop and improve products. List of Partners vendors. Chinese currency is a hot topic these days for many reasons. Not only does it define the state of one of the world's biggest economic superpowers, but it is also central to one of the most debated issues involving China today—its perceived mercantilist policy of artificial undervaluation of its currency against the U. The distinction is subtle: while renminbi is the official currency of China where it acts as a medium of exchange , the yuan is the unit of account of the country's economic and financial system.
Money enables anyone who possesses it to participate as an equal market player. When consumers use the money to purchase an item or service, they are effectively making a bid in response to an asking price. This interaction creates order and predictability in the marketplace. Producers know what to produce and how much to charge, while consumers can reliably plan their budgets around predictable and stable pricing models.
When money, as represented by a currency, is no longer viable as a medium of exchange, or if its monetary units can no longer be accurately valued. Consumers lose their ability to plan budgets, and there is no longer a way to gauge supply and demand accurately. In short, market volatility will cause the markets to become chaotic.
Prices are bid up or raised, in response to worries about scarcity and fears of the unknown. Meanwhile, supply diminishes because of hoarding behaviors, coupled with an inability of producers to quickly replenish inventory. Unit of account or numeraire is an economic term that represents a unit in which prices are measured. A numeraire is usually applied to a single good, which becomes the base value for the entire index or market.
By having a numeraire, or base value, it allows us to compare the value of goods against each other. In essence, the numeraire acts as a set standard of value across an exchange.
An example of a numeraire arises when we look at how currencies were valued under the Bretton Woods Agreement and System during the mid-twentieth century. The U. All other currencies were then priced as either a multiple or a fraction of the dollar. Today, the U. Denominating commodity prices in the U.
For example, companies that engage in oil transactions can easily convert payments or receipts in a timely manner since the price of oil is denominated in USD. With Beijing looking at the internationalization of its currency, one question continues to perplex many: Does China have two currencies?
Renminbi is the official currency of the People's Republic of China, and means "people's currency" in Mandarin. The yuan is a unit of the currency. Renminbi and yuan are often used interchangeably.
When shopping in China, a storekeeper might express prices in terms of kuai, which translates into "pieces," and is similar to how Americans use "bucks" to mean dollars.
Yuan is the unit of account. The largest banknote is yuan, followed by 50 yuan, 20 yuan, 10 yuan, 5 yuan, 2 yuan and 1 yuan. Some refer to the currency as the yuan, others call it the renminbi. Who is right? Both names are perfectly good, but in slightly different ways. It means "the people's currency". Something may cost one yuan or 10 yuan. It would not be correct to say that it cost 10 renminbi. An analogy can be drawn with "pound sterling" the official name of the British currency and "pound" - a denomination of the pound sterling.
It would not be correct to say that it cost 10 sterling. Nor can you talk about the number of renminbi - or the number of sterling - to the dollar. The word "yuan" goes back further than "renminbi". It is the Chinese word for dollar - the silver coin, mostly minted in the Spanish empire, used by foreign merchants in China for some four centuries. This is the "piece of eight" or "real de a ocho" beloved of pirates and their parrots - worth eight reales and known as a peso in Spanish and a dollar in English.
The European merchants who started arriving in the early 16th Century went to China to buy silk and porcelain. Their Chinese partners wanted silver, preferably these large European-style silver coins.
0コメント