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.
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.
01/01/2005: New Taiwan dollar banknotes issued
New designs for Taiwan dollar banknotes are issued, featuring innovative security features and updated aesthetics to combat counterfeiting and improve the currency's image.
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.
30/04/1991: Foreign Exchange Control Act revised
Taiwan relaxes its foreign exchange controls, allowing more flexibility in the trading of the Taiwan dollar and promoting financial globalization.
15/07/1987: Lifting of martial law
The martial law, which had been in place in Taiwan since 1949, is lifted, marking a significant milestone towards the democratization and liberalization of the country.
16/12/1971: Taiwan's expulsion from the UN
The United Nations General Assembly recognizes the People's Republic of China as the legitimate representative of China, leading to Taiwan's expulsion from the UN and international isolation.
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.
03/03/1952: TWD pegged to the US Dollar
The Taiwan dollar is pegged to the US Dollar at a fixed exchange rate of 32 TWD to 1 USD, stabilizing its value and promoting economic growth.
10/12/1949: Chinese Civil War ends
The Chinese Communist Party establishes the People's Republic of China on the mainland, leading to the Nationalist government's retreat to Taiwan, taking the Taiwan dollar with them.
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.
25/10/1945: Taiwan is restored to the Republic of China
After the end of World War II, Taiwan is returned to the Republic of China from Japan, and the Taiwan dollar becomes the official currency.