Chinese Yuan (CNY)
元 · Official currency of China
CNY at a glance
Every fact on this page is drawn from People's Bank of China or another primary source — see the 12 sources cited below.
| Currency | Chinese Yuan |
|---|---|
| ISO 4217 code | CNY · number 156 |
| Symbol | 元 |
| Minor unit | 1 CNY = 100 fen |
| Used in | 1 country or territory |
| Pegged to | Not pegged |
| Central bank | People's Bank of China |
| Official rates | People's Bank of China → |
| Introduced | 1948 |
Where the Chinese Yuan is used
- China
Exchange rate regime Managed float
China pursues a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies, adopted in the July 2005 reform that ended the fixed peg to the US dollar. The China Foreign Exchange Trade System, authorized by the People's Bank of China, publishes a central parity rate of the renminbi against the US dollar each business day, around which onshore trading is managed.
About the Chinese Yuan
The Chinese Yuan (CNY) is the official currency of China, issued by the People's Bank of China, the country's central bank. The currency itself is officially named the renminbi, with the yuan as its principal unit; the international symbol is ¥ and domestic prices are written with the character 元. One yuan divides into 10 jiao or 100 fen. Hong Kong and Macau, as special administrative regions, issue their own currencies.
China operates a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies, a framework adopted in a July 2005 reform that ended the renminbi's fixed peg to the US dollar. Each business day the China Foreign Exchange Trade System, authorized by the People's Bank of China, calculates and publishes a central parity rate for the renminbi against the US dollar, drawn from market-maker quotations, and onshore trading is managed around that rate.
The renminbi was first issued on 1 December 1948, the day the People's Bank of China was founded in Shijiazhuang, Hebei Province, through the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmers Bank. A decree of the People's Government of North China made the new notes legal tender across North, East and Northwest China, and the renminbi became the currency of the People's Republic of China after its founding in 1949.
In the Bank for International Settlements' Triennial Survey of April 2025, the renminbi was the fifth most traded currency worldwide, appearing on one side of 8.5% of all foreign exchange trades. The IMF added it to the Special Drawing Rights basket on 1 October 2016 as the basket's fifth currency, and the 2022 valuation review raised its weight to 12.28%, behind only the US dollar and the euro. IMF COFER data recorded USD 246.3 billion of renminbi in disclosed official reserves at the end of Q1 2025.
Banknotes of the fifth renminbi series circulate in denominations of ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100, alongside coins of 1 jiao, 5 jiao and ¥1. The People's Bank of China refreshed the series in stages: a redesigned ¥100 note in 2015, the 2019 edition covering the ¥50, ¥20, ¥10 and ¥1 notes and all three coins, and a 2020 edition ¥5 note with upgraded security features such as optically variable magnetic ink.
CNY coins & banknotes
- ¥0.1 (1 jiao)
- ¥0.5 (5 jiao)
- ¥1
- ¥1
- ¥5
- ¥10
- ¥20
- ¥50
- ¥100
CNY quick facts
- The renminbi entered circulation on 1 December 1948, the day the People's Bank of China was founded in Shijiazhuang, Hebei Province.
- Offshore renminbi trading is centred on Hong Kong; RMB deposits held in major offshore markets reached a historical high of about RMB 1.6 trillion at the end of Q1 2025.
- The renminbi was the fifth most traded currency in the BIS 2025 Triennial Survey, on one side of 8.5% of global FX turnover in April 2025.
- On 11 August 2015, the PBOC reformed the daily quotation mechanism for the renminbi's central parity rate against the US dollar, requiring market makers to reference the previous day's closing rate along with supply and demand and moves in major currencies.
- One yuan divides into 10 jiao and 100 fen; the fifth-series 1 jiao and 5 jiao coins circulate alongside the ¥1 coin.
CNY frequently asked questions
Is the Chinese yuan pegged to the US dollar?
No. The renminbi has not been pegged to the US dollar since a July 2005 reform. The People's Bank of China describes its policy as a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies; the PBOC-authorized China Foreign Exchange Trade System publishes a daily central parity rate against the dollar, around which onshore trading is managed.
What is the difference between the yuan and the renminbi?
Renminbi is the official name of China's currency, while the yuan is its principal unit of account — amounts are counted in yuan, much as the United Kingdom's sterling is counted in pounds. The ISO 4217 standard accordingly lists the currency as 'Yuan Renminbi' under the code CNY, and the People's Bank of China uses renminbi, RMB and yuan interchangeably in its English publications.
What is the symbol for the Chinese yuan?
The yuan uses the symbol ¥ internationally, the same sign as the Japanese yen; amounts are distinguished by the code CNY or the prefix RMB. In China prices are commonly written with the character 元 (yuan), or with the fullwidth sign ￥. One yuan divides into 10 jiao and 100 fen.
Which countries use the Chinese yuan?
The yuan is the official currency of mainland China. Hong Kong and Macau, China's special administrative regions, issue their own currencies — the Hong Kong dollar and the Macanese pataca. Renminbi also trades in offshore markets, chiefly in Hong Kong; the offshore rate, often quoted under the unofficial code CNH, can differ slightly from the onshore CNY rate.
Explore CNY
Facts on this page are sourced from People's Bank of China and other primary references (12 sources). Rates are mid-market and for information only.
Sources for this CNY profile
12 primary sources behind the facts above, each listed with the sections of this page it is cited for. Links open on the publisher's own site.
- People's Bank of China www.pbc.gov.cn/en/3688229/3688338/3688344/index.html Cited for: Exchange rate regime · FAQ
- People's Bank of China www.pbc.gov.cn/english/130724/2025080815071284369/index.html Cited for: Exchange rate regime · FAQ
- People's Bank of China www.pbc.gov.cn/en/3688229/3688338/3688350/index.html Cited for: Exchange rate regime
- China Foreign Exchange Trade System (CFETS) www.chinamoney.com.cn/english/bmkcpr/ Cited for: Exchange rate regime · About
- People's Bank of China www.pbc.gov.cn/rmyh/2019rmb/index.html Cited for: Coins & banknotes · About
- People's Bank of China www.pbc.gov.cn/en/3688241/3688663/3721229/2025080817515097294/index.html Cited for: Coins & banknotes · About
- Xinhua News Agency www.xinhuanet.com/english/2019-08/30/c_138351669.htm Cited for: Coins & banknotes · Quick facts
- People's Bank of China www.pbc.gov.cn/en/3688066/3688089/index.html Cited for: Introduced · Quick facts · FAQ · About
- Wiktionary en.wiktionary.org/wiki/kuai Cited for: Nicknames
- Wiktionary en.wiktionary.org/wiki/redback Cited for: Nicknames
- People's Bank of China www.pbc.gov.cn/en/3688241/3688636/3828468/5624529/2025123116494089198/2025123116480428858.pdf Cited for: Quick facts · FAQ · About
- Bank for International Settlements www.bis.org/statistics/rpfx25_fx.htm Cited for: Quick facts · About