Yuan (CNY)

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What is the Yuan (CNY)?

The yuan, officially known as the renminbi (RMB), is the currency of the People’s Republic of China. The term yuan (CNY) refers to the unit of account used in pricing goods, services, and financial transactions. The Chinese yuan is issued and regulated by the People’s Bank of China (PBOC), which oversees monetary policy and exchange rate mechanisms.

The currency is abbreviated as CNY for international trade and RMB for domestic use. In recent years, China has been pushing for the yuan’s internationalization, increasing its use in global trade, investment, and financial markets.

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