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      • Native Language:
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    #1

    Question renminbi

    Hello,

    I am reading an article in the New York Times about the meet between Mr.Geithner and his counterpart but one word stuck me. See below the sentence:

    "The unexpected meeting comes amid a flurry of diplomatic activity between Washington and Beijing to avoid a confrontation on China’s policy of keeping its currency, the renminbi, pegged to the dollar at a nearly fixed exchange rate of about 6.827."

    I reckon they are going to speak about the level of the dollar currency face of the yuan but I'm sure and I'd like to overcome this little vocabulary hill, because it's upset me a bit. (I do not find the meaning in the dictionary).

    Thanks in advance for your replies and the time you are spending on my question (A talkative Fernch guy).


    PS: Do not hesitate to correct me.

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    #2

    Re: renminbi

    Thanks teacher for your correction.

    Okay for your explanation. He seems to me more easy to write yuan instead of this renminbi, but nonetheless I learnt a new word. I am not sure this kind of word is commonly usedusited by English people, but it's another question.

    Cordially,

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    #3

    Re: renminbi

    China’s policy of keeping its currency, the yuan, pegged to the dollar

    In this sentence, "pegged" means connected to or maintained its relationship to.

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    #4

    Re: renminbi

    Hello The French,
    Leave the renminbi (RMB) as that's the official term in financial and economic circles. Renminbi /RMB is the official currency in China whereas the yuan is the base unit. So the two terms are not quite the same (Yuan is just one of the currency units in RMB), even though they are often used and can be used interchangeably.

    How old is the article because the Chinese government introduced a managed floating exchange rate regime in July 2005 and previous to that the RMB was pegged to the US dollar.

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    #5

    Re: renminbi

    Quote Originally Posted by bds51 View Post
    Hello The French,
    Leave the renminbi (RMB) as that's the official term in financial and economic circles. Renminbi /RMB is the official currency in China whereas the yuan is the base unit. So the two terms are not quite the same (Yuan is just one of the currency units in RMB), even though they are often used and can be used interchangeably.

    How old is the article because the Chinese government introduced a managed floating exchange rate regime in July 2005 and previous to that the RMB was pegged to the US dollar.
    Hello,

    This article comes from The New York Times on the web, and the date is April 7, 2010. It's not very old, I believe you agree with me. Nonetheless I appreciate your explanation.

    Hope to see you later on the forum.

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