The Renminbi (RMB) is the legal tender of the People's Republic of China. The People's Bank of China is the state authority responsible for the design, printing and issuance of RMB.
The unit of RMB is Yuan, and the unit of RMB coins is angle and cent. 1 Yuan is equal to 10 angle, and 1 angle is equal to 10 cent. The yuan symbol is the first letter of the yuan pinyin capital Y plus two horizontal that is "¥".
The 2019 edition of the fifth set of RMB 50 yuan, 20 yuan, 10 yuan, 1 yuan bills and 1 yuan, 50 cents and 10 cents coins will be issued from August 30, 2019. From November 5, 2020, the People's Bank of China issues the 2020 version of the fifth set of RMB 5 yuan bills. In December 2021, the RMB's share of international payments increased to 2.7%, making it the fourth largest payment currency in the world .
RMB weighting in the SDR
The new SDR basket came into effect on August 1, 2022, and the weight of RMB was increased from 10.92% to 12.28%, an increase of 1.36 percentage points. After the adjustment, the weight of RMB remained the third place. Meanwhile, the currency composition of the existing SDR basket remains unchanged, that is, it is composed of USD, EUR, RMB, JPY and GBP.
The weight of the US dollar was raised from 41.73% to 43.38%, and the weight of the euro, yen and pound was lowered from 30.93%, 8.33% and 8.09% to 29.31%, 7.59% and 7.44% respectively.