The Chinese yuan (CNY) is the official currency of China. Unlike the currencies of countries of comparable economic size, the yuan remains pegged to a basket of currencies. The yuan is also known as the Chinese Renminbi.
The yuan was formerly pegged to the USD. In 2005, China bowed somewhat to international pressure and allowed the yuan to fluctuate in a narrow band against a basket of currencies that still includes the USD. However, as a function of these policies, China can theoretically end up importing inflation if one or a number of these currencies begin to inflate their currencies in hard economic times.
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