China Economic Information
Central Bank: People's Bank of China (PBC or PBOC)
Currency: Chinese renminbi (RMB) or yuan (CNY)
With a strengthening currency and a growing importance in the world financial arena, the Chinese RMB attracts attention from many leading investors. While considered primarily an exporting nation, a growing middle class helps China move toward a robust consumer economy. A strong element of China's economic growth comes from foreign investments.
Key industries:
Mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building, armaments, textiles and apparel, petroleum, cement, chemicals, fertilizers, consumer products, including footwear, toys, and electronics, food processing, transportation equipment, including automobiles, rail cars and locomotives, ships, and aircraft, telecommunications equipment, commercial space launch vehicles and satellites.
Agricultural products:
Rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed, pork and fish.
Export commodities:
Machinery and equipment, plastics, optical and medical equipment, iron and steel.
Import commodities:
Machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 11/16/2008. These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Chinese renminbi:
Reasons to consider
- Since 2006, China has maintained the largest current account surplus in the world—nearly $180 billion.
- In 2004, China became the world's third largest exporter, behind America and Germany and is well positioned to become the largest.
- For over 30 years, China's growth rate has been the fastest of any large country in history.
Risk factors to consider
- As an emerging market, China's economy and the value of the renminbi can be susceptible to the fluctuation of global-risk aversion.
- The Chinese government struggles to sustain adequate job growth for 100 to 150 million surplus workers.
- China is challenged to contain environmental damage and social strife related to the Chinese economy's rapid growth.
- The value of the Chinese RMB is fixed daily by the Chinese Government vs. a basket of the currencies of their major trading partners.
How EverBank can help with your Chinese renminbi needs?
WorldCurrencySM Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrencySM account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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