CNY - The Chinese Yuan RMB

The People’s Bank of China, established in 1948, manages the Chinese Yuan. Unlike other floating currencies, the PBOC tightly controls the Yuan's value. It uses a managed floating exchange rate system, which adjusts the Yuan's value against a basket of other major currencies while keeping it within a preferred range to support China’s economy.

China’s currency history goes back thousands of years, but the modern Yuan was introduced in 1948 following the establishment of the People's Republic of China. Over the decades, the Yuan evolved from metal coins and paper notes to modern, high-security banknotes and an increasingly digital form through mobile payments and online banking.

The Yuan has two official ISO codes: CNY (used in international markets) and RMB (Renminbi, meaning People's Currency, used domestically). Also, China’s rapid shift toward a cashless society has made the Yuan one of the most digitized currencies globally. Introducing the Digital Yuan, an official government-backed cryptocurrency, positions China as an innovation leader.

The official symbol for the Chinese Yuan is “¥,” shared with the Japanese Yen but differentiated by the currency code CNY in global markets. In Mandarin, it's called Renminbi (RMB), meaning People’s Currency, while Yuan refers to the unit itself. Both terms are commonly used to describe China’s national currency.