Core Viewpoint - The People's Bank of China has announced the central exchange rates of the Renminbi against various currencies as of January 5, indicating the current market valuation of the Renminbi against major global currencies [1] Currency Exchange Rates - The central exchange rate for 100 US dollars is set at 702.3 Renminbi [1] - The central exchange rate for 100 euros is set at 820.27 Renminbi [1] - The central exchange rate for 100 Japanese yen is set at 4.4660 Renminbi [1] - The central exchange rate for 100 Hong Kong dollars is set at 90.141 Renminbi [1] - The central exchange rate for 100 British pounds is set at 941.68 Renminbi [1] - The central exchange rate for 100 Australian dollars is set at 468.17 Renminbi [1] - The central exchange rate for 100 New Zealand dollars is set at 403.07 Renminbi [1] - The central exchange rate for 100 Singapore dollars is set at 544.28 Renminbi [1] - The central exchange rate for 100 Swiss francs is set at 883.42 Renminbi [1] - The central exchange rate for 100 Canadian dollars is set at 509.45 Renminbi [1] - The central exchange rate for 100 Renminbi is 114.35 Macanese Patacas [1] - The central exchange rate for 100 Renminbi is 57.882 Malaysian Ringgits [1] - The central exchange rate for 100 Renminbi is 1149.24 Russian Rubles [1] - The central exchange rate for 100 Renminbi is 235.39 South African Rand [1] - The central exchange rate for 100 Renminbi is 20648 South Korean Won [1] - The central exchange rate for 100 Renminbi is 52.46 UAE Dirhams [1] - The central exchange rate for 100 Renminbi is 53.568 Saudi Riyals [1] - The central exchange rate for 100 Renminbi is 4678.37 Hungarian Forints [1] - The central exchange rate for 100 Renminbi is 51.332 Polish Zlotys [1] - The central exchange rate for 100 Renminbi is 91.12 Danish Krone [1] - The central exchange rate for 100 Renminbi is 131.77 Swedish Krona [1] - The central exchange rate for 100 Renminbi is 143.81 Norwegian Krone [1] - The central exchange rate for 100 Renminbi is 614.53 Turkish Lira [1] - The central exchange rate for 100 Renminbi is 255.57 Mexican Pesos [1] - The central exchange rate for 100 Renminbi is 450.08 Thai Baht [1]

Core Points - Iran's Constitutional Guardian Council has approved a currency denomination adjustment plan aimed at removing the last four zeros from the Iranian currency over the next five years [1] - The new currency unit will still be the "rial," with a conversion rate of 1 new rial to 10,000 old rials [1] - The Central Bank of Iran will implement the currency adjustment in two phases: the first phase will last two years for preparation, and the second phase will last three years for the coexistence of old and new rials [1] Group 1 - The currency reform is seen as a structural and symbolic change, which is not expected to alter the actual value of the currency or directly impact inflation [1] - The adjustment aims to improve market and public confidence through enhanced psychological, calculation, and transaction transparency [1] - The Iranian rial has become impractical for daily transactions due to long-term currency depreciation, remaining only in accounting documents [2]

Group 1 - The Iranian Parliament's Economic Committee approved a currency reform plan, which states that the reformed 1 rial will equal 10,000 rials [2] - The currency reform aims to address severe inflation in Iran, with the proposal to change the official currency name from "rial" to "toman," where 1 toman equals 10,000 rials [2] - The approved reform plan requires a vote in Parliament and approval from the Guardian Council, with no clear timeline for the parliamentary vote [2] Group 2 - Since the U.S. unilaterally withdrew from the Iran nuclear deal in 2018, Iran has faced multiple rounds of severe sanctions, leading to currency devaluation and significant inflation [4] - The Iranian government has experienced economic challenges, including high inflation and currency depreciation, resulting in the impeachment of the Minister of Economy [5] - The previous Central Bank Governor, Ali Saleh Abadi, resigned amid criticism for failing to prevent significant currency devaluation [5]

Core Points - The Iranian Parliament's Economic Committee has conditionally approved a currency reform plan to remove four zeros from the current currency, the rial, and replace it with the toman [1][3] - The reform aims to enhance the currency's convenience in daily transactions and establish its credibility in international financial markets [3] - A two-year transition period is set during which both the rial and toman will circulate simultaneously to help the public adapt [3] Summary by Sections - **Currency Reform Details** - The plan involves changing the currency unit from rial to toman, where 1 toman will equal 10,000 rials, effectively removing four zeros from the current currency [1][3] - The Economic Committee emphasized that the final plan requires approval from the Guardian Council, which reviews the constitutionality of parliamentary bills [3] - **Implementation and Transition** - The central bank's governor stated that the reform is designed to improve the currency's usability in everyday transactions [3] - The transition period will allow for both currencies to coexist, facilitating public adaptation to the new system [3] - **Historical Context** - Previous reports indicated that the central bank had already begun preparations for this reform, including the issuance of new banknotes with the new denomination [3]