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STG Pound
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that special drawing rights#Value definition, calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in Foreign exchange reserves, global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound (currency)
Pound is a name of various units of currency. It is used in some countries today and previously was used in many others. The English word "pound" derives from the Latin language, Latin expression , "a pound by weight", in which means 'scale' or 'balance' and means 'pound' or 'weight'. The currency's Pound sign, symbol is £, a stylised form of the blackletter 'L' (\mathfrak) (from ), crossed to indicate abbreviation. Pound sterling#History (600 to 1945), The term was adopted in England from the weight of silver used to make 240 pennies, and eventually spread to British colonies all over the world. Although silver penny mintage began seven centuries earlier, the first pound coin was minted under Henry VII of England, Henry VII in 1489. Countries and territories currently using currency units named "pound" Historical currencies * Australian pound (until 1966, replaced by the Australian dollar). The Australian pound was also used in the Gilbert and Ellice Islands, Nauru, New H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Price Index (United Kingdom)
The Consumer Price Index (CPI) is the official measure of inflation in consumer prices in the United Kingdom. It is also called the Harmonised Index of Consumer Prices (HICP). History The traditional measure of inflation in the UK for many years was the Retail Prices Index (RPI), which was first calculated in the early 20th century to evaluate the extent to which workers were affected by price changes during the First World War. The main index was described as the Interim Index of Retail Prices from 1947 to 1955. In January 1956, it was rebased and renamed the Index of Retail Prices. In January 1962, this was replaced by the General Index of Retail Prices, which was again rebased at that time. A further rebasing occurred in January 1987, subsequent to the issue of the first index-linked gilts. RPIX An explicit inflation target was first set in October 1992 by Chancellor of the Exchequer Norman Lamont, following the UK's departure from the Exchange Rate Mechanism. Initially, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basket Of Currencies
A currency basket is a portfolio of selected currencies with different weightings. A currency basket is commonly used by investors to minimize the risk of currency fluctuations and also governments when setting the market value of a country's currency. An example of a currency basket is the European Currency Unit that was used by the European Community member states as the unit of account before being replaced by the euro. Another example is the special drawing rights of the International Monetary Fund. A well-known measure is the U.S. dollar index, which is used by Forex traders. There are six currencies forming the index: five major currencies – Euro, Japanese yen, British pound, Canadian dollar, and Swiss franc – and the Swedish krona. History and current use After major world currencies began to float in 1973, small countries in reaction decided to peg their currencies to one of the major currencies (e.g. U.S. Dollar, Pound Sterling). This led to a greater ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renminbi
The renminbi ( ; currency symbol, symbol: Yen and yuan sign, ¥; ISO 4217, ISO code: CNY; abbreviation: RMB), also known as the Chinese yuan, is the official currency of the China, People's Republic of China. The renminbi is issued by the People's Bank of China, the Central bank, monetary authority of China. It is the world's Template:Most traded currencies, fifth-most-traded currency as of April 2022. The Yuan (currency), yuan () is the basic unit of the renminbi. One yuan is divided into 10 Jiao (currency), jiao (), and the jiao is further subdivided into 10 Fen (currency), fen (). The word ''yuan'' is widely used to refer to the Chinese currency generally, especially in international contexts. Valuation Until 2005, the value of the renminbi was Fixed exchange-rate system, pegged to the United States dollar, US dollar. As China pursued its Chinese economic reform, transition from planned economy, central planning to a market economy and increased its participation in foreign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as of gold, or of silver, and divided decimally into 100 ''sen'' or 1,000 ''rin''. The yen replaced the previous Tokugawa coinage as well as the various ''hansatsu'' paper currencies issued by feudal ''han'' (fiefs). The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II, the yen lost much of its pre-war value as Japan faced a debt crisis and hyperinflation. Under the Bretton Woods system, the yen was pegged to the US dollar alongside other major currencies. After this system was abandoned in 1971 with the Nixon shock, Nixon Shock, the short-lived Smithsonian Agreement temporarily reinstat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro
The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 1 euro cent coin, euro cents. The currency is also used officially by the institutions of the European Union, by International status and usage of the euro, four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. The euro is used by 350 million people in Europe and additionally, over 200 million people worldwide use currencies pegged to the euro. It is the second-largest reserve currency as well as the second-most traded currency in the world after the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish dollar, Spanish silver dollar, divided it into 100 cent (currency), cents, and authorized the Mint (facility), minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallism, bimetallic standard of (0.7734375 troy ounces) fine silver or, from Coinage Act of 1834, 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Market
The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it is by far the largest market in the world, followed by the credit market. The main participants are the larger international banks. Financial centres function as anchors of trading between a range of multiple types of buyers and sellers around the clock, with the exception of weekends. As currencies are always traded in pairs, the market does not set a currency's absolute value, but rather determines its relative value by setting the market price of one currency if paid for with another. Example: 1 USD is worth 1.1 Euros or 1.2 Swiss Francs etc. The market works through financial institutions and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cable (foreign Exchange)
The term cable is a slang term used by foreign exchange traders to refer to the exchange rate between the pound sterling and US dollar. The term originated in the mid-19th century, when the exchange rate between the US dollar and sterling began to be transmitted across the Atlantic by a submarine communications cable. The first Transatlantic Cable was laid under the Atlantic Ocean in 1858, but it failed after only about a month of fitful service. The first truly successful cable across the Atlantic was completed in July 1866, reliably transmitting currency prices between the London and New York City Exchanges. The first such exchange rate to be published in ''The Times ''The Times'' is a British Newspaper#Daily, daily Newspaper#National, national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its modern name on 1 January 1788. ''The Times'' and its si ...'' appeared in their issue of 10 August 1866. Transatlantic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Units Of Account
In economics, unit of account is one of the functions of money. A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. Economics Unit of account in economics allows a somewhat meaningful interpretation of prices, costs, and profits, so that an entity can monitor its own performance. It allows shareholders to make sense of its past performance and have an idea of its future profitability. The use of money, as a relatively stable unit of measure, can tend to drive market economies toward efficiency. Historically, prices were of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term ''currency'' appear in the respective synonymous articles: banknote, coin, and money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
