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Essay

Research on the RMB Issue

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Issue:

Business

 

Written by:

Jane H

 

Date added:

February 22, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

10 / 2755

 

Was viewed:

9475 times

 

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Essay content:

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...
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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 instituted, with renminbi usable only inside China and with foreigners forced to use foreign exchange certificates...
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