Chinese currency name
Renminbi or Yuan
The official currency of China is called the Renminbi, which means in Chinese: people's money. It is also called by another name, the Yuan, which is considered the national currency of the country. It is a unit of currency, and it is also Fixed exchange rate when a country equals the value of Its currency is exchanged for another currency, noting that the exchange rate refers to the amount that the currency is equivalent to in the foreign category, which is the price that is collected to buy that currency.[١]
China's economy
China pegs its currency to the US dollar, as do most other countries, for two reasons: The US dollar is used in international trade transactions; the dollar has been the world's reserve currency since the Bretton Woods Agreement in In 1944 AD, the Chinese currency, the Yuan, played A crucial role in maintaining the competitiveness of China's economy.[١]
It is worth noting that China manages its currency to control the prices of its exports, so that it makes the prices of exports reasonable compared to its American competitors, which is what every country wants to do, but few of those countries have the ability to manage its currency well; this is because China's command economy allows the Communist Party to control the central bank and important commercial projects.[١]
Financial resources in China
China's financial institutions are state-owned; the main bodies responsible for monitoring and controlling financial affairs are the People's Bank of China and the Ministry of Finance, both of which are under the authority of the State Council. The People's Bank of China replaced the central bank of China in 1950 and gradually took over the supervision of private banks. It also became responsible for issuing the renminbi and controlling circulation, in addition to playing an important role in paying budget expenditures.[٢]
Industry in China
China achieved a rapid increase in the total value of industrial output; according to official Chinese statistics, the gross national product increased by an annual rate of 13.3% between 1950 and 1979. In the first decade, China witnessed the greatest continuous increase in production at a rate of 22% annually between 1949 and 1960. However, between 1961 and 1974, it witnessed a decline in the annual production rate of about 6%; this decline was due to the disturbances resulting from the deterioration of the Great Leap Forward campaign, which accompanied the withdrawal of Soviet technicians in mid-1960, transportation disturbances during the Cultural Revolution, and labor strikes.[٣]
English 
العربية 
Français