Chinese Yuan (CNY)

The Chinese Yuan is the primary unit of the Renminbi, the official currency of the People's Republic of China, abbreviated as CNY in forex markets. The People's Bank of China manages its exchange rate through a controlled float system, setting a daily reference rate around which the currency can trade within a specified band. Offshore yuan (CNH) trades freely in Hong Kong and other international markets, and the spread between CNY and CNH is often used as a gauge of capital flow pressures.