RMB is the law of the People’s Republic of China.
Issued by the People’s Bank of China, the currency was first issued on December 1, 1948. Up to October 1, 1999, when the new version was put into operation, a total of five sets of currency were issued, forming a currency system of various varieties and series, including paper money, coins and plastic banknotes, ordinary commemorative coins and precious metal commemorative coins.
The renminbi is abbreviated as CNY(China Yuan) at ISO 4217, though it is more commonly abbreviated as RMB(Ren Min Bi);
“£¤” is usually added before the number to indicate the amount of RMB.
On November 30, 2015, the IMF announced the official inclusion of RMB in the currency basket, with a weight of 10.92%. The resolution will take effect on October 1, 2016.
On January 15, 2018, Germany and France announced that the RMB had been included, and the two largest economies in the region gave a vote of confidence to the RMB, indicating that the RMB’s status as a settlement and reserve on the international stage has further risen.
On January 20, 2016, the People’s Bank of China revealed at the meeting held here that it would strive to launch the issued digital currency as soon as possible. The meeting believed that under the new normal of China’s current economy, exploring the issue of digital currency by the central bank has positive practical significance and far-reaching historical significance.
On November 30, 2015, the International Monetary Fund (IMF) announced the official inclusion of RMB in the IMF Special Drawing Rights basket with a weight of 10.92%. The resolution will take effect on October 1, 2016.
