01/01/2022: Currency Floatation
Angola transitioned from a fixed exchange rate to a floating exchange rate system, allowing the Kwanza's value to be determined by the market forces of supply and demand.
30/10/2020: Kwanza Devaluation
In response to economic challenges, Angola devalued the Kwanza by approximately 24%, increasing the exchange rate from 165 to 195 Kwanzas per US dollar.
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.
15/04/2013: Currency Redesign
Angola launched a new series of banknotes, featuring improved security features and new designs to reflect national landmarks and culture.
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.
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.
08/11/1999: Return to Kwanza
Angola reintroduced the Kwanza as the official currency, replacing the Kwanza Reajustado, at a rate of 1,000 Kwanza Reajustado to 1 Kwanza.
18/02/1999: Introduction of Kwanza Reajustado
Kwanza Reajustado was introduced as a temporary currency, with 1 Kwanza Reajustado equal to 1,000 regular Kwanzas.
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.
31/03/1990: Kwanza Revaluation
In an attempt to combat hyperinflation, the government redenominated the currency, with 1 new Kwanza equal to 1,000 old Kwanzas.
08/01/1977: Introduction of the Kwanza
Angola introduced the first Kwanza currency, replacing the Portuguese Escudo, with 1 Kwanza equal to 1 Escudo.
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.