CNY (Chinese Yuan)


Glossary Editor
CNY is the ISO currency code for the Chinese Yuan. The currency of China can be referred to at the Yuan, Renminbi, or RMB. Note that Hong Kong, Macau, and Taiwan each have their own separate currency.

The subunit of the Yuan is the jiao. There are 10 jiao to one Yuan. Previously, there were 10 fen to a jiao, but fen notes and coins are no longer in circulation.

Currently issued coins are 1 jiao, 5 jiao, and 1 yuan. There are also 1 and 5 jiao banknotes in addition to 1, 5, 10, 20, 50, and 100 RMB banknotes. There is some speculation that a 500 RMB bank note may be issued within the next few years.

Previously, the CNY was pegged to the US Dollar. Now it has a managed exchange rate, rather than being free-floating, as many other currencies are. Although the CNY is rapidly growing in prominence on world markets, the management of the exchange rate reduces the amount traded for speculative purposes. There are signs that the managed float will relax further or even be eliminated in the not-too-distant future, which should result in more forex brokers carrying CNY pairs.