17/06/2018: Introduction of New Banknotes
A new series of UAE dirham banknotes, featuring enhanced durability, 3D security features, and tactile marks for visually impaired individuals, is introduced.
29/11/2015: Inclusion of the Renminbi in IMF's SDR Basket
The International Monetary Fund (IMF) includes the Renminbi in its Special Drawing Rights (SDR) basket, recognizing its global importance as a reserve currency and boosting the international status of the Chinese Yuan Renminbi.
18/06/2009: Resumption of Renminbi Appreciation
China allows the Renminbi to resume an appreciation trajectory against the US dollar after a period of stability, signaling a shift in the country's exchange rate policy.
01/01/2007: Security Enhancements
New security features, including holograms and advanced anti-counterfeiting measures, are added to the UAE dirham banknotes.
20/07/2005: Introduction of Managed Float
China adopts a managed floating exchange rate system, allowing the Renminbi to fluctuate within a narrow band against a basket of currencies, reducing its dependence on the US dollar.
01/12/2002: Introduction of Modern Coinage
A new series of UAE dirham coins, featuring modern designs and security features, is introduced.
20/03/1995: Currency Peg to US Dollar
The UAE dirham is pegged to the United States dollar at a fixed exchange rate of 1 USD to 3.6725 AED.
31/12/1993: Renminbi Pegged to US Dollar
China pegs the value of the Renminbi to the US dollar, setting an exchange rate of 8.28 Yuan per dollar, which remains fixed for over a decade, impacting China's export competitiveness.
31/12/1992: Introduction of Dual Currency System
China introduces a dual currency system, with the offshore Renminbi (CNH) and the onshore Renminbi (CNY), aiming to facilitate foreign exchange flows and international trade.
01/01/1978: Currency Issuance Authority
The UAE Currency Issuing Authority is established, granting the authority to issue and manage the UAE dirham.
28/01/1973: Decoupling from Pound Sterling
The UAE dirham is officially decoupled from the British pound sterling and a new exchange rate is set.
02/12/1971: Formation of UAE
The United Arab Emirates is formed, resulting in the introduction of the UAE dirham as its official currency.
14/08/1971: End of the Bretton Woods System
The United States suspends the convertibility of the US dollar to gold, leading to the collapse of the Bretton Woods System and a shift towards floating exchange rates, affecting the value of the Chinese Yuan Renminbi.
14/12/1948: Formation of the People's Bank of China
The People's Bank of China was established, marking the beginning of central banking in China and the introduction of the Chinese Yuan Renminbi as the official currency.