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- The currency of China is referred to as either the Chinese yuan (CNY) or renminbi (RMB). The two terms are similar and they're often used interchangeably. The key difference is that the RMB is the official currency. The yuan is its principal unit of measurement.
www.investopedia.com/articles/forex/061115/yuan-vs-rmb-understanding-differe… - People also ask
Chinese money is referred to by two names: the Chinese yuan (CNY)and renminbi (RMB), which translates to "People's Currency." The distinction between CNY and RMB is subtle. RMB is the official currency of China. The yuan is the principal unit of account for that currency. Chinese currency defines the economy … See more
The character yuan is used for round or circular things in Mandarin Chinese.This word was also used for the silver Spanish dollars introduced by European merchants in the 17th and 18th … See more
The People’s Bank of China (PBOC)was established during the Chinese Civil War. It issued the first RMB notes in December 1948, about a year before the Chinese Communist Party … See more
The Chinese yuan wasn't considered an international currency for years because of the Chinese government's rigid controls. This began to change as the Chinese government began to promote international use of the RMB. China uses currency controls to … See more
One question continues to perplex many as Beijing looks at the internationalization of its currency: Does China have two currencies? Does it use CNY, RMB, or both? RMB is the official currency of the People's Republic of China. It means "people's currency" … See more
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Explainer | China’s yuan vs renminbi: what’s the difference?
Nov 12, 2020 · The latest data from the International Monetary Fund showed the yuan’s share of global currency reserves was 2 per cent in the second quarter of 2020, well below the US dollar’s 61.3 per cent.
- Author: Karen Yeung
- Estimated Reading Time: 5 mins
China’s central bank devalued its currency last week, sending major stock markets in Asia and Europe down, and sparking fears of additional exchange rate devaluations in other countries. …
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