Renminbi, yuan

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    Yuan

    The renminbi (人民币 in simplified Chinese, “people’s currency”) is the official currency of China. Its primary unit is the yuan (元). One yuan is 10 jiǎo (角), one jiǎo is 10 fēn (分).

    Currency symbol — ¥ (identical to the Japanese yen)
    Currency shortcut — CNY or RMB

    The yuan is issued by the People’s Bank of China, the Chinese central bank.

    Trading the yuan

    The yuan was pegged to the US dollar for many years. In 2005, the People’s Bank of China allowed it to deviate from the US dollar. Now, it floats within a narrow margin of its fixed base rate.

    As the yuan is still heavily influenced by monetary policy, it is not truly liquid. Still, the Chinese government plans to develop the yuan into a major global reserve currency.

    Learn more about currency trading: