A brief history of the yuan renminbi (RMB) - Paperback

by Pascal Rigaud (Author)

The renminbi (人民币) is the official currency of the People's Republic of China (PRC). Its monetary unit is the yuan (元). The "people's currency" was established in 1948, like the People's Bank of China, before the founding of the regime.
Proclaiming the founding of the People's Republic of China on October 1, 1949, Mao Zedong (毛泽东, 1893-1976) declared from the top of the walls of the Imperial City, Gate of Heavenly Peace in Tian'anmen Square, that "The Chinese People Have Stood Up". After several decades of internal challenges, the currency of the world's second largest economy has also "risen". As a unit of account in some commodity markets, as an intermediary for trade with border countries, as a store of value for a growing number of central banks in developing economies, the "people's currency" gained international recognition by joining the International Monetary Fund's basket of special drawing rights in 2016.
At the heart of the monetary and geopolitical reflections of the year 2022, the Chinese currency is gradually establishing itself as one of the main currencies of a multipolar international monetary system.