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CNY - Chinese Yuan Renminbi
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China, Yuan Renminbi
The Chinese Yuan Renminbi is the currency of China. Our currency rankings show that the most popular China Yuan Renminbi exchange rate is the USD to
CNY rate. The currency code for Yuan Renminbi is CNY, and the currency symbol is ¥. Below, you'll find Chinese Yuan Renminbi rates and a currency
converter. You can also subscribe to our currency newsletters with daily rates and analysis, read the XE Currency Blog, or take CNY rates on the go with our
XE Currency Apps and website. More info ►
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Top CNY Exchange Rates
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0 : 56
1 CNY
Inverse:
1 HKD
Inverse:
USD
0.15637
6.39506
0.12903
7.75024
EUR
0.14311
6.98745
0.11809
8.46815
GBP
0.10339
9.67210
0.08531
11.7217
CAD
0.20881
4.78893
0.17230
5.80375
AUD
0.21358
4.68214
0.17623
5.67433
Mid-market rates: 2015-12-04 03:39 UTC
Click on a currency code to learn about it.
Currency Facts
CNY Stats
Name: Chinese Yuan Renminbi
CNY Profile
Inflation: 2.00%
Symbol: ¥ Jiao: 角
Nicknames: kuài, Mao
Minor Unit:
1/10 = Jiao
Coins:
Freq Used: ¥1, 5角, 1角
Central Bank Rate: 0.00
Banknotes:
Freq Used: ¥5, ¥10, ¥20, ¥50, ¥100, ¥1
Rarely Used: ¥2, 2角, 5角, 1角
Top CNY Conversion:
USD/CNY
Central Bank:
People's Bank of China
Website: http://www.pbc.gov.cn
Top CNY Chart:
USD/CNY Chart
Users: China
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Chinese Yuan Renminbi History
Early Currency in China
With a history of over 3000 years, Chinese currency existed in both Ancient and Imperial China. In 1914, the Silver Dollar was established as the official
currency of the Republic of China, with copper, fen, and nickel coins being added in the 1930s. During this time silver appreciated in value, and China could no
longer retain the silver standard. In 1935, a new currency known as Fǎbì, was issued.
Introduction of the Gold Yuan and Chinese Yuan Renminbi
The Gold Yuan replaced the Fǎbì in 1948 at a rate of 1 Gold Yuan to 3 million Yuan Fǎbì. That same year, the Yuan Renminbi (often called RMB) was
introduced as a way to help stabilize the Communist held areas of mainland China. In 1955, a re-evaluation took place and a new Yuan Renminbi was
introduced at a rate of 1 new Yuan to 10,000 old Yuan.
The Renminbi in Foreign Exchange
During the command economy, the Chinese Yuan Renminbi was set to unrealistic exchange values and as a result, severe currency guidelines were put in
place. When China's economy opened in 1978, the Yuan Renminbi was only used domestically and foreigners used exchange certificates; this led to a
powerful black market. From 1997 to 2005, the Chinese government pegged the Chinese Yuan Renminbi to the US Dollar at approximately 8.3 CNY to 1 USD.
In 2005, a flexible mechanism of exchange rates was phased in, with the RMB being re-evaluated to 8.1 Renminbi per US dollar. The Chinese government
launched a pilot program in 2009, allowing some businesses in Guangdong and Shanghai to execute business and trade transactions with counterparties in
Hong Kong, Macau, and select nations. The program has since expanded to all areas of China and all international counterparties. China has also made
agreements with Australia, Japan, Thailand, Russia, and Vietnam to allow for direct currency trade, instead of converting to the US Dollar. As a managed float,
the Renminbi's value is determined by a basket of foreign currencies.
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CENTRAL BANK RATES
JPY
POPULAR CURRENCY PROFILES
0.10%
CHF
-0.75%
EUR
0.05%
USD
0.25%
CAD
0.50%
AUD
2.00%
NZD
2.75%
GBP
0.50%
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CNY - Chinese Yuan Renminbi
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