The Renminbi is currency, and increasingly important in global trading, of which country?
Internationalization of the renminbi Fund Management Companies and Securities Companies Approved as Renminbi Qualified Foreign Institutional Investors (RQFII) to Invest in Domestic Securities Market. "The RQFII program allows RMB investment funds to be set up in Hong Kong and invest in mainland China's securities markets. In the first quarter of 2011, the Chinese Renminbi surpassed the Russian ruble in terms of international trading volume for the first time in history. In June 2013, United Kingdom became the first G-7 country to set up an official currency swap line with China. As of 2013, the RMB is the 8th most traded currency in the world.
Renminbi currency value Renminbi currency value Renminbi currency value is a debate affecting the Chinese currency unit, the "renminbi" ( Code:CNY). The "renminbi" is classified as a fixed exchange rate currency "with reference to a basket of currencies", which has drawn attention from nations which have freely floated currency and has become a source of trade friction with western nations Some economists have argued that the value of the "renminbi" should be allowed to appreciate by 20 to 40 percent against the US dollar. According to the International Monetary Fund (IMF), the "renminbi" is undervalued somewhere between five and 27 percent. The "renminbi"