Friday, September 19, 2014

GlaxoSmithKline Fined 3 Billion Renminbi by the Chinese

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N.Y.T.: In a record penalty, a court in southern China on Friday imposed a fine of nearly $500 million on GlaxoSmithKline, the scandal-hit British pharmaceutical giant, and sentenced its former head of China operations to at least 2 years in prison, a state news agency reported. The penalty was for bribery in a case that has exposed widespread corruption in China’s medical sector.
The fine of 3 billion renminbi, or $487 million, was imposed on the company by a court in Changsha, the capital of Hunan Province

Perhaps the most interesting thing to me in that story was that I had never heard the word "renminbi" before.


So, as a public service, according to wiki:
The renminbi is the official currency of the People’s Republic of China. The name... literally means "people's currency".

The yuan (元/圆) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts. The distinction between the terms "renminbi" and "yuan" is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiǎo (角), and a jiǎo in turn is subdivided into 10 fēn(分).

I bring this to your attention in the unlikely event of the US electing a Democrat to the White House in 2016, where four to eight more years of Democrat control of the economy and foreign policy, will probably force you to calculate your minimum wage requirements in yuan, as our new and benevolent overlords fill our pockets with renminbi.

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