01/01/2023: Planned Fourth Redenomination of Ariary
Madagascar announces plans for the fourth redenomination of the Ariary, aiming to simplify the currency system further.
01/01/2017: Third Redenomination of Ariary
The Malagasy Ariary experiences its third redenomination, resulting in the currency being divided by 5, making 1 new Ariary equal to 5 old Ariary.
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.
01/08/2003: Second Redenomination of Ariary
The Malagasy Ariary goes through its second redenomination, with 1 new Ariary equal to 5 old Ariary.
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.
16/12/1993: First Redenomination of Ariary
The Malagasy Ariary undergoes its first redenomination, replacing the currency at a ratio of 1 new Ariary to 5 old Ariary.
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.
01/01/1983: Introduction of Malagasy Ariary
The Malagasy Ariary is introduced as the new official currency of Madagascar, replacing the Malagasy Franc.
26/06/1975: Independence of Madagascar
Madagascar declares independence from French colonial rule, leading to changes in the national 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.
26/06/1961: Introduction of Malagasy Franc
Malagasy Franc introduced as the official currency of Madagascar to replace the French Franc.
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.