What is Renminbi?
Show Hint
- It is the official currency of the People's Republic of China (PRC), whose principal unit is the Yuan.
- Low cost car being developed by Volkswagen in China, at prices lower than Nano.
- New aircraft company floated by Brazil to challenge Boeing and Airbus.
- New currency mooted for the entire ASEAN region like Euro for Europe.
The Correct Option is A
Solution and Explanation
Renminbi, which literally means the people's currency, is the official currency of the People's Republic of China, issued by the People's Bank of China. Its principal unit is the Yuan, and it is informally also called the Kuai. Around 2010, Renminbi was frequently in the news because of international, particularly American, pressure on China to let the currency appreciate against the US dollar, since China was accused of keeping it artificially undervalued to boost its exports. This made currency policy involving the Renminbi a recurring subject in global trade and economic discussions of that period.
The other options describe things that do not exist as stated. There was no Volkswagen car project in China priced below the Tata Nano called Renminbi. Brazil did not float an aircraft company under this name to compete with Boeing and Airbus, that description more closely resembles Brazil's actual aerospace company Embraer, which has no connection to this term. Renminbi is also not a proposed common currency for ASEAN nations; ASEAN has discussed regional economic integration but has not adopted a single currency modelled on the Euro.
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