Renminbi in the context of "Pound sterling"

⭐ In the context of the IMF’s Special Drawing Rights, the renminbi is considered alongside which other currencies to calculate its value?

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⭐ Core Definition: Renminbi

The renminbi (Chinese: 人民币; pinyin: Rénmínbì; lit. 'People's Currency' Chinese pronunciation: [ʐən˧˥min˧˥pi˥˩]; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of China. The renminbi is issued by the People's Bank of China, the monetary authority of China. It is the world's fifth-most-traded currency as of April 2022. The Chinese yuan () is the basic unit of the renminbi.

One yuan is divided into 10 jiao (), and the jiao is further subdivided into 10 fen (). The word yuan is widely used to refer to the Chinese currency generally, especially in international contexts.

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👉 Renminbi in the context of Pound sterling

Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.

Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves.

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Renminbi in the context of Shanghai

Shanghai is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the Huangpu River flowing through it. The population of the city proper is the second largest in the world with around 24.87 million inhabitants in 2023, while the urban area is the most populous in China, with 29.87 million residents. As of 2022, the Greater Shanghai metropolitan area was estimated to produce a gross metropolitan product (nominal) of nearly 13 trillion RMB ($1.9 trillion). Shanghai is one of the world's major centers for finance, business and economics, research, science and technology, manufacturing, transportation, tourism, and culture. The Port of Shanghai is the world's busiest container port.

Originally a fishing village and market town, Shanghai grew to global prominence in the 19th century due to domestic and foreign trade and its favorable port location. The city was one of five treaty ports forced to open to trade with the Europeans after the First Opium War, with the Shanghai International Settlement and French Concession subsequently established. The city became a primary commercial and financial hub of Asia in the 1930s. During the Second World War, it was the site of the Battle of Shanghai. This was followed by the Chinese Civil War with the Communists taking over the city and most of the mainland. During the Cold War, trade was mostly limited to other socialist countries in the Eastern Bloc, causing the city's global influence to decline.

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Renminbi in the context of Chinese economic stimulus program

The 2008–09 Chinese economic stimulus plan (simplified Chinese: 扩大内需十项措施; traditional Chinese: 擴大內需十項措施; pinyin: Kuòdà Nèixū Shíxiàng Cuòshī) was a RMB¥ 4 trillion (US$586 billion) stimulus package aiming to minimize the impact of the Great Recession on the economy of China. It was announced by the State Council of the People's Republic of China on 9 November 2008. The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises. The World Bank subsequently went on to recommend similar public works spending campaigns to western governments experiencing the effects of the Great Recession, but the US and EU instead decided to pursue long-term policies of quantitative easing.

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Renminbi in the context of Economy of Beijing

The economy of Beijing ranks among the most developed and prosperous cities in China. In 2013, the municipality's nominal gross domestic product (GDP) was CN¥1.95 trillion (US$314 billion). It was about 3.43% of the country's total output, and ranked 13th among province-level administrative units. Per capita GDP, at CN¥93,213 (US$15,051) in nominal terms and Int $21,948 at purchasing power parity, was 2.2 times the national average and ranked second among province-level administrative units.

As of 2021, Beijing's gross regional products was CN¥4 trillion ($965 billion in GDP PPP), ranking among the 10th largest metropolitan economies in the world. Beijing's nominal GDP is projected to reach US$1.1 trillion in 2035, ranking among the top 10 largest cities in the world (together with Shanghai, Guangzhou and Shenzhen in China) according to a study by Oxford Economics, and its nominal GDP per capita is estimated to reach US$45,000 in 2030.

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Renminbi in the context of Chinese Coast Guard

The China Coast Guard (CCG; 中国海警局) is the maritime security, search and rescue, and law enforcement service branch of the People's Armed Police (PAP) of China. The emergency number of the Coast Guard is 95110, which began operation in 2019.

Between 2013 and 2023, the CCG confiscated a total of 9.875 tonnes of drugs, 21 billion RMB worth of smuggled goods and 12 million tonnes of stolen sand, along with responding to over 53,000 emergency calls and handling 24,000 cases.

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Renminbi in the context of Yen sign

The yen and yuan sign (¥) is a currency sign used for the Japanese yen and the Chinese yuan currencies when writing in Latin scripts. This character resembles a capital letter Y with a single or double horizontal stroke. The symbol is usually placed before the value it represents, for example: ¥50, or JP¥50 and CN¥50 when disambiguation is needed. When writing in Japanese and Chinese, the Japanese kanji or Chinese character is written following the amount, for example 50円 in Japan, and 50元 or 50圆 in China.
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Renminbi in the context of Belarusian ruble

The ruble, rouble or rubel (Belarusian: рубель, romanizedrubieĺ; Russian: рубль, romanizedrubl'; abbreviation: Br, ISO code: BYN) is the currency of Belarus. It is subdivided into 100 kopecks (Belarusian: капейка, romanizedkapiejka, Russian: копейка, romanizedkopeyka).

The exchange rate of the Belarusian ruble is determined based on a basket of currencies consisting of the Russian ruble (with a weight of 60%), the US dollar (with a weight of 30%) and the renminbi (with a weight of 10%). The euro was part of said currency basket but was excluded in December 2022 due to a decrease in the volume of trade between Belarus and the European Union.

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Renminbi in the context of West Lake

West Lake, also known as Xihu and by other names, is a freshwater lake in Hangzhou, China. Situated to the west of Hangzhou's former walled city, the lake has a surface area of 6.39 km (2.47 sq mi), stretching 3.2 km (2.0 mi) from north to south and 2.8 km (1.7 mi) from east to west. In the lake are four causeways, three artificial islands, and Gushan, the only natural island. Gentle hills surround the lake on its north, west, and south sides, with the Leifeng and Baochu pagodas standing in pair on the south and north banks. Several famous temples are nestled in the mountains west of the lake, including Lingyin and Jingci Temples.

A tourist attraction since the Tang dynasty (618–907), the lake has influenced poets and painters throughout Chinese history for its natural beauty and historic relics. By the Song dynasty (960–1279), during which the dynastic capital moved to Hangzhou, it had become a cultural landmark and one of the most visited tourist destinations of China. Introduced to Europeans by Marco Polo, the lake was once a symbol of Chinese urban culture. It has been featured on Chinese currency, including the one-yuan banknote in the 1979 Bank of China Foreign Exchange Certificate and the 2005 Renminbi, as well as in the Chinese passport. A UNESCO World Heritage Site since 2011, the lake is recognised to have influenced garden designs in China, Japan, and Korea over the centuries as "an idealised fusion between humans and nature."

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