Let’s say you have $1,500 CNY and would like to figure out how much USD you have for a trip to China. The resulting number will show you the amount of USD that you have to spend on your trip. Once you know that information, multiply the amount you have in yuan by the current exchange rate. At the time of writing, ¥1 CNY is worth $0.14 USD. However, in order to do this, you need to know the current exchange rate. The other option is to do the calculation manually using a simple mathematical formula. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout. For instance, banks and ATM networks may charge a conversion fee of 1% or more on all foreign transactions. Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct. Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. You can either make the conversion using a calculator or by hand. Nov 16 - United States and China spar over exchange rates at a meeting of Asia Pacific leaders in Singapore, pointing to tricky talks ahead on Obama’s visit to China to address economic tensions.Ģ020: State Council target for Shanghai to become international financial hub - a goal experts say cannot be met without internationalizing through full yuan convertibility.Via Wise website How to Convert Yuan to DollarsĬalculating the conversion of yuan to dollars is fairly simple. On the same day, China sends its clearest signal yet that it is ready to allow yuan appreciation after an 18-month hiatus, saying it will consider major currencies, not just the dollar, in guiding the exchange rate. Nov 11 - In Singapore, World Bank chief Zoellick calls the dollar’s role as a reserve currency “relatively secure,” but says over the next 10-15 years the renminbi will provide an alternative once it is internationalized. Making the RMB fully convertible remains a distant goal, as China fears its financial system may not be able to handle rapid cross-border movements of money. senators co-sponsor bill to impose high tariffs on Chinese goods if Beijing does not let the yuan rise reflecting Congress frustration over the U.S.’ billowing trade deficit with China, which hit a record $233 billion in 2006.Ģ007: The yuan’s daily trading band against the dollar is widened to plus or minus 0.5 percent.Ģ008: China issues special banknotes for the Beijing Olympics, taking Mao off the front of the currency for the first time to showcase its central Olympic Stadium, the Bird’s Nest.Ģ009: RMB remains convertible on the current account, but not the capital account. The yuan will be allowed to rise or fall 0.3 percent a day against the dollar from a reference rate set every morning by the PBOC.Ģ006: Two U.S. It says it will pursue a managed floating exchange rate based on market supply and demand with reference to a basket of currencies. July 21, 2005: PBOC ends the dollar peg revalues yuan by 2.1 percent to 8.11 per dollar. Senator Schumer introduces first Congressional bill targeting value of yuan.Ģ004: Bank of China monopoly on foreign exchange transactions lifted, allowing financial institutions to handle them. March 1, 1955: PBOC issues second RMB series.ġ955-1971: Exchange rate set at 2.46 yuan to the dollar until 1971, the year China takes its seat at the United Nations.ġ999: Fifth series of RMB features Mao Zedong on all notes.ĭec 2001: China joins World Trade Organization.Ģ003: U.S. Yuan established as sole unified legal currency, as communists seek to end the hyperinflation that has plagued China. October 1, 1949: The victorious Mao founds the People’s Republic of China. It circulates as civil war rages between Mao Zedong’s Communist rebels and the ruling Kuomintang Chinese Nationalist Party. Here is a timeline of how China’s currency has developed.ĭecember 1, 1948: First ‘renminbi’(RMB) or “people’s currency” is issued as the People’s Bank of China (PBOC) is founded. consumers, the competitive rate of the yuan has been pinpointed as one of the main causes of the imbalances in trade and investment that ushered in the global financial crisis. Paired with voracious debt-financed spending by U.S. President Barack Obama has promised to raise the issue of the yuan’s exchange rate when he visits China from November 15-18, putting the spotlight on a major bone of contention which has the potential to shake currency markets and diplomatic ties.Īs China’s economy has regained much of its pre-crisis strength, debate over the appropriate exchange rate for the yuan, or renminbi, is simmering again among policymakers and traders.
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