Rmb currency converter

Since , the Xe Currency Converter has provided free mid-market exchange rates for millions of users. Our latest currency calculator is a direct descendent of the fast and reliable original "Universal Currency Calculator" and of course it's still free!

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Convert Send Charts Alerts. We use midmarket rates These are derived from the mid-point between the "buy" and "sell" transactional rates from global currency markets. They are not transactional rates. Learn more. EUR — Euro. Xe Live Exchange Rates Inverse. The world's most popular currency tools. Xe International Money Transfer. Send money. Xe Currency Charts. View charts. Xe Rate Alerts. Create alert. Xe Currency Tools. You can also subscribe to our currency newsletters with daily rates and analysis, read the Xe Currency Blog, or take CNY rates on the go with our Xe Currency Apps and website.

In , the Silver Dollar was established as the official currency of the Republic of China, with copper, fen, and nickel coins being added in the s. During this time silver appreciated in value, and China could no longer retain the silver standard. That same year, the Yuan Renminbi often called RMB was introduced as a way to help stabilize the Communist held areas of mainland China. In , a re-evaluation took place and a new Yuan Renminbi was introduced at a rate of 1 new Yuan to 10, old Yuan.

The Renminbi in Foreign Exchange During the command economy, the Chinese Yuan Renminbi was set to unrealistic exchange values and as a result, severe currency guidelines were put in place.

When China's economy opened in , the Yuan Renminbi was only used domestically and foreigners used exchange certificates; this led to a powerful black market. In , a flexible mechanism of exchange rates was phased in, with the RMB being re-evaluated to 8. The Chinese government launched a pilot program in , allowing some businesses in Guangdong and Shanghai to execute business and trade transactions with counterparties in Hong Kong, Macau, and select nations.