China Gold price and Chinese Renminbi Yuan exchange rate



Spot Gold (XAU/USD) : Sign of physical gold: Au from Latin 'aurum'. Atomic number 79. Code: XAU. XAU refers to the ISO 4217 standard code for One troy ounce of physical gold. 1 troy ounce (oz t) = 31.1034768 grams. XAU = 99.99 percent pure gold = 24K gold. 24k gold means that all 24 parts in the gold are all pure gold without traces of any other metals. Gold is relatively rare element and is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy, but the world gold standard was abandoned for a fiat currency system after 1971. A total of 197,576 tonnes of gold exists above ground, as of 2019. The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry.

Chinese Renminbi Yuan (Sign: ¥ / 元(圆), Currency code: CNY /CNH) : CNY (¥) = Chinese Yuan. RMB = Chinese Renminbi. Renminbi is the name of the currency and Yuan is the unit of Renminbi. Basic unit of the renminbi: Yuan (Chinese: 元/圆). Official currency of the People's Republic of China. Currently, Renminbi is traded onshore (in mainland China) and offshore (mainly in HonKong). The former is referred to as CNY and the latter referred to as CNH. Thus, while the RMB is just one currency, it trades at two difference exchange rates depending on where it is traded.