[Forex] 1 USD/CNY 1 US Dollar to Chinese Renminbi (RMB) Yuan exchange rate Live chart
Chinese Renminbi(人民幣) Yuan(元) (CNY and CNH) : Chinese Renminbi Yuan currency sign (symbol): 元 or ¥ or CN¥. The ISO 4217 code of the Chinese Renminbi Yuan is CNY and CNH. Hong Kong markets that trade renminbi at free-floating rates use the code of CNH. Renminbi(RMB, 人民幣) is not a currency code but is the name of the currency. While Yuan(元) is the unit of counting Renminbi(RMB). Chinese Renminbi is the official currency of People's Republic of China. Chinese Renminbi is sometimes referred to as the "redback," a play on "greenback". The renminbi is issued by the People's Bank of China (PBoC), the Chinese Central Bank and the monetary authority of China. On October 31, 2019, China's central bank (PBoC) announced that a digital reminbi is going to be released. Digital reminbi is also called DCEP (Digital Currency Electronic Payment) and is based on cryptocurrency. In steps intended to establish the renminbi as an international reserve currency, Chinese government has agreements with Russia, Vietnam, Sri Lanka, Thailand, Japan, Australia, South Africa, Brazil, Iran ..., allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars. As of the end of 2019, the People's Bank of China has set up RMB clearing banks in 25 countries outside of Mainland China, which has made the use of RMB more secure and transaction costs have decreased. The world is seeing the "Internationalization of the Renminbi".