The RMB is China's official currency. RMB stands for Renminbi (人民币) aka people's currency. Yuan is the unit (not $) and is denominated as ¥ somewhat similar to the Japanese yen. Yet, RMB is still not a free floating currency which translates to a fixed price level that the Chinese Government is controlling the magnitude of the band in which it may rise or fall. Naturally, the U.S. government has been blaming the Chinese government for controlling that movement. Yet, despite … more
Despite that it's not a floating currency (yet), it is one of the best performing currencies in the world. Having said that, watch for the ascent of RMB when it is eventually being floated in the world. That's when you see a repeat of the Singapore Dollar (S$), only that the magnitude and the speed of increase will be a lot more phenomenal in the next decade. It is viewed by most western investors to be a currency that's undervalued.