- NAGA
- Currency Encyclopedia
- Chinese Yuan Renminbi
CNH - Chinese Yuan Renminbi
Importance of the Chinese Yuan Renminbi
The Chinese Yuan Renminbi is the currency used in the People’s Republic of China. It is divided into two different parts, the Chinese Yuan and the Renminbi. The first is the actual unit of currency for China’s financial system while the latter represents a unit of money. The Chinese currency was not popular in the global financial market because of the government's rigid controls. However, in 2016 the Renminbi took fifth place after the US Dollar, Euro, Yen, and British pound as the most used fiat currency. After a series of devaluations of the Chinese Currency, the CNH was added by the International Monetary Fund (IMF) as one of its reserve currencies in the special drawing rights (SDR) basket, giving the Chinese market a great boost since the CNH could be used for intergovernmental loans.
Introduction of the Chinese Yuan Renminbi
By the 1600s the most popular currency in Asia was the Spanish dollar or peso since the Spanish trading activity was very intense across the country. In 1800, the Chinese government launched a new currency system by issuing silver coins and banknotes called Yuan as an honor to the Yuan Dynasty. After the Chinese Revolution and the establishment of the Communist Party’s People’s Bank of China, the Yuan was replaced in 1949 by “the people’s currency” called Renminbi (RMB). In the 1955s Chinese government, the issue of social stability led China’s central bank to set 10,000 of the old Yuan equal to one new. Moreover, the Chinese government was responsible for setting the value of its money compared to the foreign currencies or the export prices to remain competitive. However, after 1990 the Chinese government was forced to let the Yuan float or to be adjusted according to the demand and supply.
- Freq Used: 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan
Rarely Used: 2 yuan
Copyright © 2024 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is owned by The NAGA Group AG and operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles.
Tel: +2482574498
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.