UK Accounting Glossary
Yuan (CNY) is the standard monetary unit of China, and divisible into 10 jiao or 100 fen.
Yuan (CNY) is the standard monetary unit of China and divisible into 10 jiao or 100 fen.
Also : The imperial dynasty of China from 1279 to 1368.
The yuan is technically the base unit of the renminbi, the currency of the People’s Republic of China. Although it is not their official currency, Hong Kong and Macao also use the yuan. CNY is the currency code for the yuan. The abbreviation for the yuan is often RMB. ¥ is the symbol for the yuan – same as for the Japanese yen. The People’s Bank of China, the central bank for China, distributes the yuan. The People’s Bank of China first introduced the yuan in 1948. In recent decades and until 2005, the yuan was artificially pegged to the US Dollar. The value at which the yuan was pegged varied over the years. For example, it was held to a peg of 8.28 yuan to one US dollar from 1995 to 2005. In July 2005, the Yuan started following a managed float against several currencies.
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This glossary post was last updated: 4th May 2019.