About the Chinese Yuan (CNY)
What Is the Chinese Yuan (CNY)?
The Chinese Yuan (CNY), symbolized by ¥, is the official currency of the People’s Republic of China. It’s also referred to as Renminbi (RMB), meaning "People’s Currency." The Yuan serves as the primary unit, subdivided into 10 jiao or 100 fen. As the sole legal tender in China, it’s regulated by the People’s Bank of China (PBOC), which manages its production, distribution, and digital forms like the Digital Yuan.
History of the Chinese Yuan
Introduced in December 1948, the CNY replaced regional currencies in Communist-controlled areas. A major revaluation in 1955 addressed hyperinflation. Initially pegged to the US dollar, the Yuan’s value was later adjusted to support China’s export-driven economy. Since 2006, its exchange rate has floated within a narrow band tied to a basket of global currencies.
CNY Banknotes and Coins
- Coins: Ranging from ¥0.01 to ¥1.
- Banknotes: Denominations from ¥0.1 to ¥100, featuring advanced security designs.
Digital Yuan (e-CNY)
The Digital Yuan (DCEP) is China’s centralized digital currency, designed to streamline transactions and enhance monetary policy. Unlike cryptocurrencies, it operates under PBOC oversight with "controllable anonymity." Piloted in cities and showcased during the 2022 Winter Olympics, it marks China’s leadership in state-backed digital currencies.
CNY vs. RMB: Key Differences
| Term | Definition | Usage Context |
|---|---|---|
| RMB | Official name ("People’s Currency") | Domestic system |
| CNY | Unit of RMB (ISO code for international use) | Global transactions |
👉 Calculate BTC to CNY instantly
Batcat (BTC) Conversion to CNY
Bitget’s crypto-to-fiat data shows BTC/CNY as the most traded pair for batcat. Use our calculator to estimate real-time exchange rates.
FAQ
1. Is CNY the same as RMB?
Yes, but CNY specifically denotes the unit for international transactions, while RMB refers to China’s currency system.
2. How does the Digital Yuan work?
It’s a digital form of cash issued by the PBOC, enabling traceable yet private transactions under state oversight.
3. Can I invest in the Digital Yuan?
No—it’s a payment tool, not an investment asset like cryptocurrencies.
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