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Link to this page - if you would like to link to Chinese Yuan Renminbi(CNY) To US Dollar(USD) Currency Exchange.
In 1948 the People's Bank of China issued a unified currency known as the Renminbi or 'people's currency'. For a decade, China maintained a fixed exchange rate policy — the yuan was pegged against the dollar. Over the next three years the Chinese yuan climbed 17 percent against the dollar, enough to ease a politically sensitive issue, but far less than the relative economic growth would warrant.
But not only has China been very slow to let the yuan strengthen, thus protecting its export model, it’s virtually put the brakes on currency appreciation altogether since the inception of the global financial crisis.

China has been moving, however, on another area of its currency policy — the international use of the yuan in trade. Now for the first time, China is relaxing restrictions and allowing the yuan to trade offshore with select Asian neighboring countries.
But China doesn’t seem to have any intention on giving up its key mechanism for controlling its competitive advantage on the world stage.
And when dollar-based investments and revenues flow into China, converting those inflows to the yuan puts upward pressure on China’s currency. This was China’s way of pacifying its trading partners while maintaining complete control over its currency.

This is a first step in China’s attempt to temper growth in its foreign currency reserves and to make the yuan a globally traded currency. This allowed China to undercut the rest of the world, churning out cheap commoditized goods, competing on one thing: Price.
They accused China of limiting exports of raw materials to the rest of the world, giving an unfair advantage to its domestic manufacturers.

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29.06.2014 | Author: admin

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