What does CNY mean: Renminbi (RenMinBi Yuan) is currently abbreviated as RMB￥, and its abbreviation uses a combination of initial letters in the Chinese Pinyin of RMB, and the standard currency symbol is CNY.
The renminbi is the legal currency symbol in the mainland of the People’s Republic of China. The People’s Bank of China is the country’s competent authority for renminbi management, responsible for the design, printing and issuance of the renminbi. Since its establishment on December 1, 1948, the People’s Bank of China has issued five sets of Renminbi, forming a multi-variety and multi-series currency system including banknotes and metal coins, ordinary commemorative coins and precious metal commemorative coins.
What currency is CNY?
CNY, the code for China Yuan. The current Renminbi (RenMinBi Yuan) is abbreviated as RMB ¥, and its abbreviation uses a combination of the initials of the Chinese Pinyin of RMB, and the standard currency symbol is CNY. The Hong Kong Dollar (HongKong Dollar) is abbreviated as HK$, the standard currency symbol is HKD; Macau Pataca (Macao Pataca) is abbreviated as Pat or P, and the standard currency symbol is MOP; New Taiwan Dollar (New TaiWan Dollar) is abbreviated as (NT＄), Standard currency TWD. However, because Hanyu Pinyin has a relatively small influence in the world, it is not conducive to the Chinese currency’s globalization and become a freely convertible currency.
For this reason, if the “RMB Yuan” is changed to “Chinese Yuan”, it can be linked with Hong Kong, Macau and Taiwan currencies. The abbreviation of “CHINA Dollar” is adopted as “CN ＄”, which is in line with the abbreviation of international currency. It is similar to the current standard currency symbol “CNY” of my country’s currency in the international financial market.
CNY is the currency symbol assigned to China by ISO. It is the only standard symbol for representing the renminbi in international trade. Now it has replaced the notation of RMB ¥, and is uniformly used for foreign exchange settlement and domestic settlement. However, RMB ¥ can still be used for domestic settlement without any confusion. Generally, banks use more CNY, and corporate internal accounting uses more RMB. Sometimes for simplification reasons (for example, to simplify printer design and only supports ASCII character set), the ￥ in RMB ¥ is omitted and recorded as RMB.
Why is CNY not called RMB? What is the difference with rmb?
Many foreign exchange investors have a very important task when they first entered the foreign exchange market, that is, to learn various currency symbols, but there must be many people who will subconsciously look for RMB first and pay attention to the situation of their own currencies. I searched and found that I couldn’t find it. I only found one CNY. In fact, this CNY is the English code of RMB, which is the abbreviation of “China yuan”, while RMB is just the first letter of the pinyin of RMB.
In daily life, people may call it more fluently, so this code was used as the RMB symbol before, but the foreign exchange market is a global market. Many foreigners did not see the currency symbol RMB when they saw it. The way to understand why it is called this way, so I changed to the abbreviation of the international common language, and CNY also replaced the name of RMB step by step and used it in the process of foreign exchange settlement and domestic settlement.
In fact, before using cny, RMB was used as the symbol of RMB, because RMB is the abbreviation of Pinyin RMB, but this is the domestic pronunciation. To make RMB go international, the abbreviation of the international common language must be used. Therefore, in international trade In China, cny is gradually used instead of rmb, which is uniformly used for foreign exchange settlement and domestic settlement.
However, there is still a habit of using RMB in China. For example, corporate internal accounting uses RMB more, while banks and other institutions generally use cny as the RMB symbol.
So, is the RMB symbol now eliminated? In fact, there is no. Most accounting in China still use RMB, and only banks and other institutions use CNY.