CNY – Chinese Yuan
Sign – 元, ¥ / Code – CNY
Long before our corporate currency exchange brokers were helping our clients with their Chinese Yuan, the Yuan was creating its own rich history.
About the Chinese Yuan
As the Communists took control of more land in China, the People’s Bank began to issue a unified currency in 1948 to replace the variety of different currencies in use, leading to the introduction of the Yuan Renmibi.
When the Chinese economy opened internationally in 1978, a dual-track currency system was instituted, with foreigners forced to use foreign exchange certificates. Exchange rates were also pegged at unrealistic levels, leading to a strong black market in currency transactions. As such, Chinese authorities worked to make the Yuan more convertible during the 1980s and 1990s through the use of swap centres.
‘Renmibi’ is the official name for the currency (meaning “people’s currency”), while Yuan is a basic unit. However, Yuan is also used to refer to the currency generally, especially in international contexts.
Chinese Yuan is the 9th most traded currency in the FX market.
Denominations
Subunit: Fen – 1/100
Coins: ¥0.1, ¥0.5, ¥1
Banknotes: ¥0.1, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
Bank: People’s Bank of China
If you want to know everything there is to know about this currency, why not read our fact sheet?
by Currency UK
