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'People's Currency'; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China. It is the world's 5th most traded currency as of April 2022. The yuan (Chinese: 元 or simplified Chinese: 圆; traditional Chinese: 圓; pinyin
When used in English in the context of the modern foreign exchange market, the Chinese yuan (CNY) refers to the renminbi (RMB), which is the official currency used in mainland China. Etymology, writing and pronunciation [ edit ]
The yen and yuan sign ( ¥) is a currency sign used for the Japanese yen and the Chinese yuan currencies when writing in Latin scripts. This character resembles a capital letter Y with a single or double horizontal stroke. The symbol is usually placed before the value it represents, for example: ¥50, or JP¥50 and CN¥50 when disambiguation is needed.
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Digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank.
The scale of the offshore renminbi (CNH) market is still limited at the moment, with offshore renminbi deposits (around ¥1.5 trillion, of which 70% are in Hong Kong) only about 1% of that onshore (around ¥100 trillion), which is much lower than the ratio of 30% of offshore versus onshore US dollar deposits.
The ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". As of 2005, the yuan was generally considered by outside observers to be undervalued by about 30–40%. [181] [182] However, in 2017, the IMF stated that the yuan was correctly valued.
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy.
