renminbi

The adjustment would be easier both for China and for the rest of the world if the renminbi had not been kept so low for so long.

They stand ready to pounce whenever the offshore renminbi exchange rate strays too far from its onshore equivalent.

This has been a by-product of its interventions in the currency market aimed at keeping the renminbi down against the US dollar.

The remarks came just a day after a hint from China that it could let the renminbi appreciate in the coming months.

At a press conference in Shanghai yesterday, a senior Chinese official would not be drawn on the question of convertibility of the renminbi.

how much money is converted to renminbi?

Mr Fan said the real problem the world faced today was an overvalued dollar, not only against the renminbi but against all major currencies.

So far, so good, but the new investment policy would be severely constrained by China's desire to peg the renminbi to the dollar.

Fund managers and analysts said the bond seemed to be pitched more at traditional investors in renminbi bonds than at Islamic investors.

Carlyle's move follows that of Blackstone, which last August agreed with Shanghai city authorities to set up a renminbi fund.

He said the country's moves to relax capital restrictions to allow more trading in the renminbi were also highly significant.

He said the fact the call for renminbi appreciation was gaining support within Asia was an important development.

Daily trading volumes of the renminbi in the offshore spot market have shot up to about $1. 3bn, compared with almost nothing a year ago.

With all that in mind, perhaps it was a triumph that the multi-billion-renminbi deal got done.

At the moment, rather oddly, our model suggests that the renminbi is very close to the price that it should be.

It has also promoted reform of international monetary systems and the internationalisation of the renminbi. Sadly, none of these has worked.

Mr Lew said he had raised the issue in his meetings with leaders and stressed that the value of the renminbi should be "market-determined" .

Without a freely convertible renminbi, it is hard to see how Shanghai can ever live up to the ambitions embodied in the Bund Bull.

One of the next big steps for the market is likely to be the first renminbi bond sale by a foreign company, bankers say.

Standard Chartered is one of the very few foreign banks to be allowed to provide Renminbi services in both Shanghai and Shenzhen.

The renminbi continued to advance in the futures market yesterday as pressure on China to let its currency appreciate intensified.

Every few days, senior Commerce Ministry officials have spoken out, warning that pressure to let the renminbi rise is "irrational. "

Supranational entities have been here before, but MUFG is a landmark: the first renminbi sale by an arm of a proper, non-Chinese company.

That it has continued to push the renminbi higher as global markets have tumbled suggests a somewhat stronger commitment to appreciation.

He made only a few hundred renminbi a year.

That many of these moves make it easier to ship renminbi out of the country does not change the redback's natural and favoured direction.

Sure you can . Several banks in London are in a position to open letters of credit in Renminbi.

The government was even prepared to allow the renminbi to appreciate to this end, he said.

Standard Chartered said on Thursday it had applied to establish a local subsidiary and for a CBRC licence to do renminbi retail business.

On the wholesale side, the bank is similarly trying to expand renminbi options for its client base of small to medium-sized enterprises.

On the contrary: last month, Wen Jiabao, China's premier, said he would "absolutely not yield" to pressure for a stronger renminbi.

Still, the slow opening of RMB trade seems to correspond with a desire to gradually loosen the renminbi's peg to the dollar.

"It could also be an attempt to stave off speculative capital inflows by showing that renminbi appreciation is not a one-way bet. "

'The renminbi can be a driver for creativity and overall development' for his brokerage, he said, using another name for the yuan.

Such a stimulus program coupled with a gradual appreciation of the renminbi would go a long way toward correcting the prevailing imbalances.

There is no doubt that the renminbi is not a free floating currency, but there is no international obligation to let all currencies float.

Alongside the news allowing financial companies to open renminbi accounts came an announcement being referred to as mini-QFII.

The ratio of the Renminbi deposit reserve shall be worked out in the same way as that of the foreign currency reserve.

These dynamics are already showing up in the offshore renminbi markets where the trading premium points toward further depreciation.

China will soon want to see its own currency included in the basket, as well as the renminbi used as a means of payment in bilateral trade.

And Americans did not reduce their consumption of Chinese goods at all in response to the stronger renminbi.

To meet the target, it would have to let the renminbi rise to increase its imports and temper export growth.

China's decision to manage tightly its currency, the renminbi, means it has no choice as to its level of foreign reserves.

For the moment, regulations limit offshore renminbi to currency with its origin in trade, in other words current account transactions.

Investment banks are trying to encourage institutional investors and corporate clients to use the renminbi in international trade.

People are going to start holding more renminbi, but it will be at least a decade or two for it to become a leading world reserve currency.

Yet for the trek to turn the renminbi into a global currency, China is only just lacing up its boots.

Beyond mere bragging rights, China has economic motives for trying to go global with the renminbi.

He said the bank's goal is to become 'the renminbi clearing center in America. '

China seems to be seeking a balance in which the renminbi appreciates against the dollar, but only modestly.

But the pace of that appreciation has been very slow so far, with the renminbi rising only 0. 8 percent against the U. S. dollar since then.

On the face of it, the drive to "internationalise" the renminbi does not seem to derive from controlling urges.

Analysts said the changes were also consistent with the authorities' apparent desire to slow the pace of renminbi revaluation.

The penalties ranged up to 100, 000 renminbi, or about $15, 400, but "we were able to talk them down to 20, 000, " he said.

That means continuing to let the Renminbi appreciate, while directing any fiscal stimulus in the direction of households.

There is currency risk, as it is not easy to convert renminbi to other currencies due to limitations set by the Chinese government.

The PBOC must prevent the arbitrage of exchange rates between the onshore renminbi and offshore renminbi , he said .

Speculation on a renminbi revaluation is likely to stay in place for a while and this will prompt more hot money inflows.

Whether China will be able to stomach the rest of the renminbi's journey to reserve currency status is far from clear.

China will probably not be able to reduce its excessive current account surplus without a revaluation of the renminbi.

The country is under growing pressure from its international trading partners, led by the US, Europe and Japan, to let the renminbi rise.

The central bank said the rumors could affect the normal circulation of the Renminbi and jeopardize financial security.

With the dollar likely to weaken against the renminbi over the medium term, the last thing Beijing wants to do is buy more US securities.

No doubt the renminbi will one day assume the role of a global reserve currency on the back of China's economic rise.

It had called in the meeting for China to revalue the renminbi and Germany to boost domestic demand, officials said.

For companies looking to finance mainland projects through offshore renminbi bonds, there was an even more significant change.

But unless the renminbi is allowed to find its own level , it risks becoming even more of a political flashpoint than it already is .

If China were to stop manipulating its currency, the dollar would decline against the renminbi, boosting U. S. exports and economic growth.

Free convertibility of the renminbi would be the "last step" , to be taken at an unspecified time.

Elsewhere, the renminbi has risen a bit, capital ratios have been increased, and regulations introduced to damp down the property market.

"Given the decline in our current account surplus, there is no foundation for a sharp rise in the renminbi, " he said.

Perhaps the most significant development was a Renminbi trade settlement pilot scheme that came into operation last July.

The new fund is China's latest attempt to encourage overseas investment as a way to ease up the pressure on Renminbi, its currency.

The Chinese authorities have decided to designate one of the approved banks to be the renminbi clearing bank.

The renminbi is only one of many variables that affect U. S. and global trade. even within China.

The current controlled exchange rate against the dollar has left the renminbi undervalued in terms of purchasing power parity.

The state, after all, can be an effective brake when it wants to be: new renminbi bank loans fell by almost a fifth from February to March.

Investors in Pharo's flagship fund do not have to hold renminbi as the fund's administrator can handle spot exchanges into the currency.

The news that the Malaysian central bank has been quietly acquiring renminbi bonds is an important one of those steps.

The danger of a softening renminbi and of further stock market falls will force greater discipline on those accepting China's invitation.

A reserve renminbi would have to be fully convertible, on the capital account as well as the current account.

A simple appreciation of the renminbi will not magically change all this.

There have been all sorts of calculations purporting to show that the renminbi isn't really undervalued, or at least not by much.

This point has been made many times, but it bears repeating that a more market-driven renminbi would have produced a different outcome.

With most economists expecting the renminbi to appreciate at an accelerating rate , investments offshore start out in a hole .

Why would a Brazilian exporter to China choose to be paid in renminbi, when the dollar is so much easier to trade and hedge against?

Mr Murphy said the recent appreciation was akin to Beijing's decision to unpeg the renminbi just before June's summit of the G20 countries.

No one can deny that the internationalisation of the renminbi has a certain sense of inevitability about it.

Even though the value of the renminbi has increased by 22 percent since 2005, China's exports to the United States have boosted, he said.

The increasingly internationalised renminbi is a development that the US Federal Reserve is beginning to monitor.

The argument for a stronger renminbi is even more compelling as a result of these changes.

At least 700 billion renminbi went to the high-speed rail system in 2010 alone, with "no independent oversight or regulation, " he said.

The renminbi exchange rate should also be able to respond more to the underlying trends in external trade .

"This process will be very slow, especially as the renminbi is not fully convertible, " says Steve Barrow at Standard Bank.

It remains the principal financial shop window onto China, a position it will hold at least until the renminbi is fully convertible.

Meanwhile, China has allowed the renminbi to rise by 2 per cent against the dollar since the beginning of last month.

Economists in Beijing and the West are skeptical that Chinese leaders are ready to accept a sharp rise in the renminbi's value.

However, the fate of the single currency could turn out to be closely intertwined with the renminbi.

Some of that may be anticipating a possible revaluation of the renminbi.

British officials say China will back the private sector's interest in developing renminbi trading in London.

In the present context of renminbi continued to appreciate, textile and clothing situation facing grim challenges.

"The renminbi's exchange rate is quite close to its equilibrium level now, " Mr Zhou said.

But Chinese policymakers have started making the point that a smaller trade surplus has pushed the renminbi close to fair market value.

Several years of fixing the renminbi to the dollar has brought Beijing under sustained fire from Washington for undervaluing its currency.

Any such commentary is likely to be controversial, with China in particular sensitive about external pressure on it to revalue the renminbi.

In theory, Eichengreen insists, the renminbi's rise as a global currency is no less implausible than was the dollar's around 1920.

If the renminbi were allowed to appreciate, US exports to China would rise, and employment would be boosted.

Despite signs of an export slowdown, many economists say China's currency, the renminbi, is still artificially low compared with the dollar.

If reforms go on smoothly, "the renminbi will be fully convertible in five years, " he said, referring to the Chinese currency.

Last week, the bank cut its forecast for renminbi appreciation against the dollar to less than 2 per cent over 2012.

In other words, loyalty to the dollar and China's lack of the policy prerequisities seem to make the renminbi's rise a distant possibility.

So far, China has fiercely resisted American calls for a meaningful re-evaluation of the renminbi.

Lining up bets on a revaluation of the renminbi used to be a weekly ritual for many.

Analysts expect an appreciation of the renminbi against the dollar within the next six months.

Article 10 No interest shall accrue on either the Renminbi loan granted by the bank nor the foreign exchange mortgaged by the mortgagor.

While other nations' currencies devalued against the dollar inthe 2008 financial crisis, someeconomists note, the renminbi did not.

The non-deliverable forward market is suggesting renminbi appreciation of just 3 per cent over a year.

Renminbi must be elevated to international leading currency to put an end to the Americans persecution.

One of his core goals is for HKEx to win approval from Beijing to start offering renminbi-denominated products.

It seems that all countries would like to see their currencies decline bar the Chinese who will only let the renminbi strengthen gradually.

Will policymakers again be forced to carry out a one-off revaluation of the renminbi?

With so much money chasing so few investment options, yields on offshore renminbi bonds have been depressed relative to domestic issues.

Bankers say only a small fraction of cross-border trade settled in renminbi is likely to be fraudulent.

However, capital inflows into China in anticipation of further appreciation of the renminbi account for a large share of this increase.

Together with the appreciation of the Renminbi, all of a sudden the cost of overseas business has increased by scores.

Renminbi: Beijing continued to resist pressure to revalue the renminbi.

The United States has long pressed Beijing to let the renminbi rise in value.

And a strengthened renminbi would not reduce Chinese exports to the US as much as many expect.

The group recently disclosed that 81 of its members had signed up to use a new platform to trade renminbi-denominated stocks.

"The same expectations of a renminbi appreciation will start to accumulate all over again. "

A similar commitment from China to let the renminbi appreciate might calm the debate on fiscal consolidation in the US, he adds.

Expectations that China could move to let the renminbi rise have escalated in recent days amid a thawing in Sino-US relations.

Other countries are frustrated with its growing share of exports and are pressing China to raise the value of its currency, the renminbi.

However, it has been slowly relaxing constraints as it promotes the renminbi as a global alternative to the dollar.

But in statements released on Tuesday, China's State Administration of Foreign Exchange tried to damp expectations of a rapid renminbi rise.

As the comprehensive strength of the national economy grows, the Chinese currency, the Renminbi (RMB) began to appreciate.

He wanted China "to play by the rules" , adding there were very few economists who did not believe the renminbi was undervalued.

With all of this, we hope to see renminbi business scale new heights this year.

Jiang Xiaodong said, NEA Fund for the size of the renminbi will be set up in accordance with specific needs.

HSBC offered a payroll facility for clients wanting to pay staff in renminbi, but so far there have been no takers.

Other economists have speculated that in the long term China will establish the renminbi as the dominant currency in Asia.

"The question is how fast the renminbi achieves full convertibility. Will we still need such a safe haven in five years? I hope not. "

Such outcomes are hardening suspicions in Europe and elsewhere that the renminbi is still tracking the dollar.

The central bank has never made a timetable for the free convertibility of the Renminbi by the turn of this century.

S. tried to use IMF reviews as another tool to press China to revalue the renminbi, also known as the yuan.

Many renminbi bonds are so small that they do not trade at all in the secondary market.

Nor did he have 6, 000 renminbi, then about $745, to pay the fine he said they demanded if he wanted to keep his child.

A stronger renminbi could prove to be a mixed blessing for the United States.

China allowed the renminbi to appreciate modestly yesterday, the first day of trading since the end of the near-two-year peg was announced.

The answer is unoriginal, but right all the same: China needs to let the renminbi appreciate.

Measured against nearly any other currency you care to mention, renminbi performance looks feeble.

'The renminbi market is maturing from a pilot program to mainstream, ' he said.

due to the weakening of the pound, from the beginning talks business we insist on payment in Renminbi.

China remains under heavy international pressure to let the renminbi appreciate.

President Obama has sought a stronger renminbi as one of his central foreign policy goals.

But it's also suggests Wen might be mistaken in focusing on how a stronger renminbi might affect industrial workers.

Potential financial-stability issues associated with changes to the renminbi exchange rate must be considered with great care.

International trade settled in renminbi has gone from zero to Rmb340bn in under two years, according to the Bank of China.

A decrease in the price of imported goods, a result of a more valuable renminbi, would also help reduce inflation.

Today, i again call for business and commercial leaders not to put pressure over renminbi appreciation.

China has seemingly resisted years of US pressure to revalue the renminbi and the pace of nominal revaluation remains low.

'One of the main benefits of the renminbi fund is that we're going to develop a very strong network of [limited partners], ' Mr. Yang said.

Whisper it, but renminbi depreciation is no longer such an unlikely idea.

But there was little sign that China would let the renminbi appreciate faster, to the growing frustration of the US.

Large banks have also been able to offer payroll in renminbi in the city but there have been few takers.

Simple to understand, this is tantamount to South Korea will reserve currency Renminbi as one of the options.

A key development is China's encouragement of international use of the renminbi, although they prefer to call it invoicing.

The monetary authority said rates on its renminbi loans would be determined "by reference to prevailing market interest rates" .

When the renminbi flexibility announcement was made three months ago, I suggested that it was a smart diplomatic move but little else.

Helping to narrow this price gap are an appreciating renminbi and the largely one-way flow of goods across the Pacific Ocean.

Islamic bonds, known as sukuk, and renminbi-denominated bonds are in high demand among investors due to their relatively small supply.

The appreciation of the renminbi is due to the long-term balance of payments caused by the accumulated surplus.

So we do believe that the government will be very careful in managing the up-and-down of Renminbi.

The [renminbi] is no longer as undervalued as a few years ago.

As the majority of its costs were in renminbi, this meant that the value of Anta's cash pile was steadily being eroded.

In 2005, Zhang said goodbye to his 18 years of gymnastic life and retired with only tens of thousands of Renminbi in compensation.

But he also signaled that any further appreciation is unlikely to be large, saying that the renminbi "is possibly near a balanced level. "

The renminbi, he implied, would be one of its constituents.

"Investors appear to be viewing renminbi gains as broadly bearish for the dollar and bullish for risk, " said Steve Englander at Citigroup.

It has also suggested the renminbi may now be allowed to rise as Washington has long requested.

More high-tech industries, like the production of computers, have actually tended to favor a stronger renminbi.

Renminbi-settled trade transactions came to Rmb957bn ($146bn) in the first half of this year, from next to nothing a year earlier.

The suggestion that Beijing might widen the renminbi's daily trading band also misses the point.

Yet the renminbi is still widely regarded as undervalued against the currencies of its trading partners.

But a little inflation is welcome: it raises the renminbi's real exchange rate and increases domestic purchasing power.

Capital controls prevent foreigners from acquiring renminbi; internationalisation encourages foreigners to hold them.

But he added: "We do not think this single month strong number will provoke any meaningful renminbi policy shift. "

Several banks have issued offshore bonds denominated in yuan, also known as the renminbi, and other companies have begun following suit.

Under such a system, the renminbi, dollar and euro would all form the linchpin of the world's currency markets.

Where the turnover of the taxpayer is settled in currencies other than Renminbi, it shall be converted into Renminbi for computation.

But renminbi trading is growing fast; that $2bn was literally zero little more than a year ago.

"From a broader perspective, as the renminbi appreciates over time, the move will help rebalance the global economy, " she says.

So overall my income has shrunk over the last two years. I used to earn 3, 500 renminbi.

China has telegraphed its reluctance to move on the renminbi while public finances in Europe, its biggest export market, are in a mess.

Malaysia is believed to have become the first central bank to hold mainland renminbi assets in its reserves.

For a long time, dollar-renminbi had been perceived by markets to be a one-way bet.

At present, foreign financial institutions are only able to invest renminbi they already hold onshore.

A stronger renminbi would not cure America's economic ills, but it would certainly help.

China's intention is not to upset the international monetary system; it's to incrementally increase the role of the renminbi.

Such Chinese diversification would not solve the fundamental problem concerning the renminbi.

On balance, the IMF's board of directors has concluded "that there is no clear evidence that the renminbi is substantially undervalued" .

And he expects China to liberalize its economy and allow the renminbi to become a more widely used international currency.

His words can refer only to China but reflect US desire to tackle the renminbi as a multilateral and not a bilateral issue.

It would be churlish not to acknowledge that a more flexible renminbi is unequivocally a good thing.

Second, China is far from creating the policy and market environment for the renminbi to become a reserve currency.

There are even suggestions that this time, it could force the renminbi lower to offset the dollar's gains.

The remedy would be new broad-based rules rather than just renminbi revaluation. There would be a large collateral benefit too.

But in contrast with the 2005 announcement, the People's Bank did not include any immediate appreciation of the renminbi.

The euro is hobbled by concerns about the long-term viability of the European Monetary Union. That leaves the renminbi.

It has long been clear that the renminbi peg was storing up trouble and China needed to start rebalancing away from exports.

"We believe it would be inappropriate to discuss the renminbi exchange rate issue in the context of the G20 meeting, " he told reporters.

Fast-forward to 2025, and a system centered on the dollar, the euro, and the renminbi is likely to have emerged.

Turning the renminbi into a serious international currency weakens a key policy lever.

By contrast, the renminbi's nominal exchange rate of US dollars "double surplus" of the impact is not significant.

Adding to the concerns, the undervalued renminbi has contributed to a lack of monetary control that has sparked inflation within China.

For Congress and President Obama, the issue is not the undervalued renminbi per se, but the large bilateral trade deficit with China.

Chances of a stronger renminbi are hampered by Beijing's refusal to do anything that can be interpreted as doing another's bidding.

An economist at a Chinese state think-tank, who asked not be named, said speculation was growing that the renminbi would appreciate again.

China should let the renminbi appreciate and allow domestic consumption to become a greater driver of improved quality of life.

Beijing: China finally reveals the composition of the basket of currencies used by its central bank to determine the renminbi exchange rate.

As of the end of 2010, China had borrowed less than one-quarter of its $630 billion of outstanding foreign debt in renminbi.

Beijing has been signaling that it will resume incremental appreciation of the renminbi by the middle of this year.

Bank of China appears to be the first to offer U. S. retail investors the ability to speculate on renminbi appreciation against the dollar.

Thus both internal and external considerations cry out for allowing the renminbi to appreciate.

Mr Goldstein says an appreciation of the renminbi might pull some other Asian exchange rates with it.

In general, this bank account should be a Renminbi Current Account. Other type of Renminbi bank account may be used by the customer only if.

Offering up more channels to access China's domestic market, bankers say, is the next step to nurture more renminbi business.

But even if China is somehow able to do both and revalue the renminbi, will that help the US economy?

The ultimate prize of co-operation would be a China that felt safe to relax limits on renminbi convertibility.

However, unlike Japan, China will not accede to calls for a sharp one-off revaluation of the renminbi.

The rise in the renminbi has slowed to a crawl in recent months as a drop-off in demand in mature economies has hit Chinese exports.

Promoting the internationalisation of the renminbi as a rival to the dollar may sound pleasingly patriotic to China's leaders.

"The [renminbi] is where it is because of historical reasons that no longer apply and are unsustainable, " he said.

In order for this strategy to work, however, renminbi appreciation will have to contribute to containing inflation.

She said that the US was watching how quickly the renminbi moved.

Income tax levied on foreign enterprises shall be computed in terms of Renminbi (RMB).

As the US financial crisis loomed, China pegged the renminbi to increase stability and exert a positive influence on its economic recovery.

Why might China want to turn the renminbi into a reserve currency?

For the time being, we aim to tackle the flow of renminbi cash through enticing it into the banking system.

Estimates of the claims by state employees range from hundreds to thousands of billions of renminbi, China's currency.

The renminbi is starting to go global just as the future of the euro is uncertain.

But the only long-term solution is a higher real exchange rate, best achieved by letting the renminbi appreciate.

If China is to become the world's biggest economy, then the renminbi must also become a global currency, if not the premier one.

If that is the case, then Malaysia's dabbling in renminbi bonds will have been a turning point.

"Do not work to pressurise us on the renminbi rate, " Mr Wen said, departing from prepared remarks.

Although the Chinese are not advocating the renminbi as the alternative to the dollar this may be only a matter of time.

Maybe the renminbi is somewhat undervalued, but that cannot be the ground for aggressive diplomacy.

A stronger yuan, also known as the renminbi, would increase Chinese purchasing power when it comes to goods from outside the country.

If most of its residents had their way, their currency would be linked to the renminbi instead.

China intends to extend renminbi loans to other leading Bric nations, in another step towards the internationalisation of its currency.