Chinese Yuan (CNY)
Tue, Apr 15The renminbi is the name of the currency used in China, while the yuan refers to the unit of currency. Its ISO code is CNY, although RMB is also acceptable.
Over the past decade, the global significance of the yuan has grown, coinciding with China's initiatives to enhance its usage. In 2015, it became the fifth most-traded currency in the world.
Until 2005, the yuan was pegged to the U.S. dollar, but the People's Bank of China then allowed it to float freely.
In response to the Great Financial Crisis of 2008, the government restricted the yuan's volatility by establishing a daily fixed average rate, which limited the extent of fluctuations. This mechanism is referred to as the yuan's band of floatation.
In November 2015, the International Monetary Fund (IMF) approved the yuan's inclusion in the basket of currencies that determine the value of Special Drawing Rights (SDR). This prestigious group of reserve currencies also includes the U.S. dollar, the euro, the British pound, and the Japanese yen.
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