renminbi

plural noun
ren·​min·​bi | \ ˈren-ˈmin-ˈbē How to pronounce renminbi (audio) \
variants: or Renminbi

Definition of renminbi

: the official currency of the People's Republic of China consisting of yuan

Examples of renminbi in a Sentence

Recent Examples on the Web The greenback accounted for almost 40% of all SWIFT transactions in July, compared with less than 2% for the renminbi, as the Communist Party resists calls to ease currency controls. Jenny Leonard, Bloomberg.com, "Dollar Dominance Gives U.S. Upper Hand in China Sanctions Fight," 8 Sep. 2020 Transaction volume on mobile payment apps in China rose from a negligible amount in 2013 to as much as 350 trillion renminbi, or $50 trillion, in 2019. Robert Hackett, Fortune, "Inside China’s drive for digital currency dominance," 10 Aug. 2020 Today, the renminbi makes up only 2% of global foreign-exchange reserves, while the U.S. dollar accounts for more than 60% (and the euro 20%). Robert Hackett, Fortune, "Inside China’s drive for digital currency dominance," 10 Aug. 2020 In an Eastworld Spotlight conversation with Fortune’s Clay Chandler, Gazmararian discusses Beijing’s digital yuan ambition and the challenges presented by the initiative, as well as the CBDC's potential to elevate the renminbi to a reserve currency. Veta Chan, Fortune, "‘An absolute necessity:’ Why this expert says China desperately needs a digital currency," 30 July 2020 According to data from the financial services network Swift, the renminbi was used in a measly 1 percent of international payments in April, compared with the greenback’s 48 percent share. Michael Schuman, The Atlantic, "The Risks of Overstating Chinese Power," 16 June 2020 Last year, ProPublica obtained a copy of a 1,244,880 renminbi (around $175,000) contract won by OneSight to increase the Twitter following of China News Service. Jeff Kao, ProPublica, "How China Built a Twitter Propaganda Machine Then Let It Loose on Coronavirus," 29 Mar. 2020 Li had agreed to pay AB a total of 50,000 renminbi, or roughly $7,200, for the radio. Justin Rohrlich, Quartz, "A Chinese “tourist” accused of espionage is the latest example of a growing threat to US security," 5 Jan. 2020 And half a decade ago, the U.K. was determined to become the first nation other than China to sell a bond denominated in renminbi as financial centers vied to become the offshore trading hub for Beijing’s currency. Washington Post, "How Boris Johnson Can Defend the City of London," 18 Sep. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'renminbi.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of renminbi

1957, in the meaning defined above

History and Etymology for renminbi

Chinese (Beijing) rénmínbì, from rénmín people + currency

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Time Traveler for renminbi

Time Traveler

The first known use of renminbi was in 1957

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Statistics for renminbi

Last Updated

15 Sep 2020

Cite this Entry

“Renminbi.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/renminbi. Accessed 28 Sep. 2020.

More from Merriam-Webster on renminbi

Nglish: Translation of renminbi for Spanish Speakers

Britannica.com: Encyclopedia article about renminbi

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