China

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    China thumbnailThe People’s Republic of China (中华人民共和国 in simplified Chinese) is a country in Asia. It is the world’s largest country by population and the 2nd largest in terms of economy.

    Its currency is the renminbi (RMB, 人民币 in simplified Chinese, meaning “people’s money”), issued by its Central Bank, the People’s Bank of China.

    The primary unit of the renminbi is the yuán (元), also written yuan. For a long time, the value of the renminbi was pegged to the US dollar. Since 2005, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies.

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    The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. The long-term plans are to make the RMB a reserve currency.

    The economy of China has been in rapid growth for decades. It averaged about 10% over the past 30 years. China is both the largest exporter and importer of goods. It is a large net importer of commodities such as iron ore and oil.

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