The Chinese Yuan is the currency of Peoples Republic of China. The currency code for Yuan Renminbi is CNY, and the currency symbol is . The yuan (Chinese:å…ƒ ; pinyin: yun) is the basic unit of the renminbi but is also used to refer to the Chinese currency generally, especially in international contexts where Chinese yuan is widely used to mention the Renminbi. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao , and a jiao in turn is subdivided into 10 fen. The Renminbi is issued by the People's Bank of China, the monetary authority of China. The most popular China Yuan Renminbi exchange rate is the CNY to USD rate.
Currency Facts
| CNY Stats | CNY Profile |
| Name :Chinese Yuan Renminbi | Central Bank : People's Bank of China Website:http://www.pbc.gov.cn |
| Symbol : Jiao: 角 | Coins :Freq Used : 1, 5角, 1角 |
| Minor Unit :1/10 = Jiao | Banknotes : Freq Used :5, 10, 20, 50, 100, 1 Rarely Used :2, 2角, 5角, 1角 |
| Top LKR Conversion:CNY/USD | Users: china |
Why should you use BookMyForex to buy Chinese Yuan?
There are a number of reasons why BookMyForex should be your #1 choice to buy Chinese Yuan (CNY) or any other currency for that matter. Some of the reasons are listed down below:
- If you do it via banks, you need to personally visit, get the documentation done and then you are able to obtain the currency. BookMyForex allows you to buy and sell Chinese Yuan (CNY) with just a few taps on the portal through your smartphone.
- BookMyForex provides doorstep delivery of your currency (CNY in this instance). It becomes even more useful because of the currently ongoing COVID-19 pandemic. (No need to mention a specific reason to come on BMF )
- If you are looking to buy/sell CNY and feel worried about how to get the best exchange rates, we want to tell you that you have arrived at the right place. BookMyForex aggregates all the exchange rates provided by the authorised money exchangers/vendors and comes up with the best rates possible.
How to get the best currency rates for Chinese Yuan (CNY)?
There are a few things to keep in mind in order to get the best currency rates for Chinese Yuan (CNY):
- Customers usually go to the banks to either buy/sell the Chinese Yuan (CNY). The banks usually keep a fixed currency rate for a day whichever works in their favour. You end up getting a lesser amount of Chinese Yuan (CNY) for your currency (INR). That’s where BookMyForex comes into the picture. BookMyForex updates the currency rates in a real-time manner and you end up saving a lot of money. For us, transparency is something that cannot be compromised at any step.
- You must compare the currency rates provided by banks and other authorised money exchangers & then choose the one that fits best according to your requirement. Earlier, a customer had to personally visit these banks and money exchangers to get the rates which was extremely time consuming. With the shift to digitalization, all the money exchangers now have a website and a customer can go and check. BookMyForex has gone one step further by aggregating all the foreign currency providers and brings you the rates in a real-time manner.
You also have an option to check the user reviews. You can use all the information provided by us and choose the forex vendor who is able to give you the best rates.
- You must steer clear of buying Chinese Yuan (CNY) from the airports unless there’s no other option left. Buying foreign currency from airports can prove to be really expensive. You may end shelling out anywhere from 6% to 13% more than what you would pay on an online forex & remittance platform like BookMyForex.
- In the case of debit & credit card, if you make any transaction in Chinese Yuan (CNY), you may be paying anywhere from a minimum of 3% to a maximum of 6% more than what you would be paying on online forex platforms. It’s advisable that you buy a forex card as well from BookMyForex if you are travelling to China.
These are some of the steps that can be taken to maximize your savings and get the best currency rates for Chinese Yuan (CNY).
History of Chinese Yuan
China has a rich history of over 3000 years, and 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 Fabi, was issued.
Introduction of the Gold Yuan and Chinese Yuan Renminbi
The Gold Yuan replaced the Fab in 1948. 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.
The Renminbi in Foreign Exchange
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. 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.
