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Compare the Renmibi with other designated global reserve currencies. You should list those currencies and discuss...

Compare the Renmibi with other designated global reserve currencies. You should list those currencies and discuss whether the new status for the Chinese currency is warranted.

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Answer #1

The Chinese currency Renminbi or “Chinese Yuan Renminbi” is the currency which is most popular and working in China after US Dollar. The Chinese currency code provided for Yuan Renminbi is “CNY”, and the currency symbol provided is ¥. The exchange rate of 1 CNY against the various currencies of the world is:

0.156 USD, 0.1325 EUR, 0.622 MYR, 0.1169 GBP, 0.2028 CAD & 0.2053 AUD.

The currency is presently highly ranked among the world's best currencies. As the concentration of the currency is more in the China and around, so it is not determined that any status upgradation is required in the currency.

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