Forex chart : US Dollar Chinese Renminbi (RMB) Yuan exchange rate Today. 1 USD to CNY, 1 CNY to USD Live chart for Long-term forecast and position trading




Chinese Renminbi (Sign: ¥ / 元(圆), Currency code: CNY /CNH)
CNY (¥) = Chinese Yuan. RMB = Chinese Renminbi. Renminbi is the name of the currency and Yuan is the unit of Renminbi. Basic unit of the renminbi: Yuan (Chinese: 元/圆). Official currency of the People's Republic of China. Currently, Renminbi is traded onshore (in mainland China) and offshore (mainly in HonKong). The former is referred to as CNY and the latter referred to as CNH. Thus, while the RMB is just one currency, it trades at two difference exchange rates depending on where it is traded.

The differences between CNY, CNH and RMB, the symbols of the Chinese currency "Renminbi"

Chinese currency is officially called 'Renminbi (RMB)'. RMB is its name and Yuan (¥) is the unit of account. CNY and CNH are both international standard currency codes for Chinese currency (ISO Currency codes).

ex) How much is one renminbi in us dollars?
How much renminbi can you take out of china?
How much renminbi do you have? I have 1,000 Yuan.
How much is this? it's 500 yuan.

Currently, Renminbi is traded onshore (in mainland China) and offshore (mainly in HonKong). The former is referred to as CNY and the latter referred to as CNH. Thus, while the RMB is just one currency, it trades at two difference exchange rates depending on where it is traded.

CNY/USD exchange rate is fixed by the Chinese central bank (PBoC: People’s Bank of China), CNH exchange rate is driven by private demand and supply for CNH.

Before the CNH market was established, the Non-deliverable forward (NDF) market already existed. This market was generally used to hedge.

So far, CNH market is relatively small and illiquid, the NDF market will in the short term be the main market.

History

December 2003, HKMA announced the beginning of CNY business on a trial basis in Hong Kong.

Starting in 2007, mainland financial institutions, subject to approval, were allowed to issue CNY bonds in HongKong.

January 2009, the PBoC and the HKMA signed a currency swap agreement to provide CNY liquidity of up to CNY 200bn with a renewable term of three years.

June 2009, the PBoC launched the pilot scheme for CNY settlement of cross-border trade between Shanghai and four cities in Guangdong province on the one hand, and Hong Kong on the other.

February 2010, the HKMA stipulated that participating banks could “develop [CNY] business based on the regulatory requirements and market conditions in HongKong.

July 2010, the PBoC and the HKMA signed the Supplementary Memorandum of Co-operation.

August 2010, the PBoC made a small step towards further opening up its own capital account, but a huge leap for CNH development.

25 February 2013, CME started  Deliverable Renminbi (USD/CNH) Futures.