Chinese Yuan (CNY): Symbol, Currency Code & Renminbi Explained
The Chinese yuan symbol is ¥ (or 元 in Chinese), and CNY is its ISO 4217 currency code. The currency’s formal name is the renminbi (RMB) — “people’s currency” — and the yuan is its principal unit. CNY is issued by the People’s Bank of China and is the world’s fifth most-traded currency.
CNY is the official ISO 4217 currency code for the Chinese yuan, the currency of the People’s Republic of China. The yuan symbol is ¥ (written CN¥ to set it apart from the Japanese yen) or 元 in Chinese. The full name of the currency is the renminbi (RMB); the ISO numeric code is 156.
One yuan divides into 10 jiao (角) or 100 fen (分). CNY is issued by the People’s Bank of China (PBOC) and has been part of the IMF’s Special Drawing Rights basket since October 2016. Unlike most major currencies, the yuan is not freely floating — the PBOC manages it around a daily reference rate.
What is the difference between yuan, renminbi, RMB and CNY?
This is the single most-asked question about Chinese currency. The four terms refer to closely related but distinct things, and using them correctly matters for international payments, contracts and FX trading.
Renminbi (RMB)
The formal name of the currency. Means “people’s currency” in Chinese. RMB is the abbreviation. Used in official and policy contexts — the currency itself is called the renminbi.
Yuan
The primary unit of the renminbi. A price tag in China is written “100 yuan” the same way a UK price is written “100 pounds”. Yuan is to renminbi what pound is to sterling.
CNY (and CNH)
CNY is the ISO 4217 code for the onshore yuan, traded inside mainland China. CNH is the offshore yuan, traded mainly in Hong Kong, with a separate (though similar) exchange rate.
In short: renminbi is the currency, yuan is the unit, RMB is the abbreviation, and CNY is the international code. Saying “100 renminbi” is grammatically like saying “100 sterling” — technically meaningful but not how a native speaker phrases it. The natural form is “100 yuan” in everyday use and “CNY 100” on invoices and SWIFT messages. The yuan is called RMB because renminbi is the official name of the whole currency system, while yuan is just its counting unit.
Onshore yuan (CNY) vs offshore yuan (CNH)
Few people realise the Chinese yuan trades in two separate markets with two different exchange rates that move independently — though closely — from each other.
CNY — the onshore yuan
Traded inside mainland China, regulated by the People’s Bank of China. The PBOC sets a daily reference rate (the “fix”) against the US dollar each morning, and CNY may trade within a ±2% band around it. Capital controls limit who can transact in CNY.
CNH — the offshore yuan
Traded freely outside mainland China — primarily in Hong Kong, and increasingly in London, Singapore and Frankfurt. CNH responds to global market forces with no PBOC band. International businesses and foreign investors typically transact in CNH.
For most international transfers from the UK or Europe, the rate you actually achieve is the CNH offshore rate, even when invoiced in “CNY”. The two rates rarely diverge by more than a fraction of a percent in normal conditions, but the gap can widen sharply during episodes of market stress — worth flagging if you’re scheduling a large transfer.
What is the symbol and code for the Chinese yuan?
The Chinese yuan symbol ¥ is the same Latin-alphabet symbol used by the Japanese yen — both currencies derive their names from the same Chinese character meaning “round”. To distinguish them, the yuan is sometimes written as CN¥ or RMB in international contexts, while the Japanese yen is written as JP¥.
In Chinese, the currency symbol is 元 (yuán), or formally 圆. For banking, FX and international invoicing, the three-letter ISO code CNY is the standard — its full form is “Chinese yuan” and CNY is the official ISO 4217 code. The ISO numeric code is 156, with 2 decimal places (the minor unit).
Chinese Yuan — Quick Facts
| Currency name | Renminbi (RMB) — principal unit: yuan |
|---|---|
| ISO 4217 code (onshore) | CNY |
| Offshore code | CNH (Hong Kong-traded) |
| ISO numeric code | 156 |
| Symbol | ¥ / CN¥ (Latin) · 元 (Chinese) |
| Subunits | 10 jiao (角) = 100 fen (分) |
| Issuing authority | People’s Bank of China (PBOC) |
| Banknote denominations | ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 |
| Coin denominations | 1 jiao, 5 jiao, ¥1 |
| Exchange rate regime | Managed float against a currency basket |
| SDR basket member since | 1 October 2016 (third-largest weight) |
| Most-traded pair | USD/CNY |
A short history of the Chinese yuan
The renminbi was introduced on 1 December 1948 by the People’s Bank of China during the closing months of the Chinese Civil War, replacing an array of regional and inflationary currencies issued under the Republic of China. The unified currency took the name “people’s currency” (renminbi) and used the yuan as its principal unit.
For much of its early history, the yuan was strictly pegged to the US dollar. From July 2005, the PBOC began a gradual reform: the yuan was unpegged from the dollar and allowed to trade in a narrow band against a basket of currencies. The trading band has been progressively widened, most recently to ±2% around the daily reference rate.
On 1 October 2016, the renminbi joined the IMF’s Special Drawing Rights basket alongside the US dollar, euro, Japanese yen and pound sterling — the first emerging-market currency to be included. It now holds the third-largest weight in the basket, behind only the dollar and euro.
The offshore CNH market launched in 2010 in Hong Kong, allowing international businesses and investors to trade and hold yuan outside mainland China’s capital controls. CNH has grown rapidly and is now also actively traded in London, Singapore and Frankfurt.
Chinese bank holidays affecting CNY payments in 2026
CNY transfers do not settle on Chinese statutory holidays. The People’s Bank of China and Chinese commercial banks observe the following holidays in 2026 — several are extended multi-day closures unique to China. Exact dates are set annually by China’s State Council and should be confirmed nearer the time.
- New Year’s DayThursday 1 January 2026
- Spring Festival (Chinese New Year)c. Mon 16 – Wed 25 February 2026 (Year of the Horse)
- Qingming Festivalc. Sat 4 – Mon 6 April 2026
- Labour Day (May Holiday)c. Fri 1 – Tue 5 May 2026
- Dragon Boat Festivalc. Sat 20 – Mon 22 June 2026
- Mid-Autumn Festivalc. Fri 25 – Sun 27 September 2026
- National Day (Golden Week)c. Thu 1 – Wed 7 October 2026
Chinese New Year and the October Golden Week each cause settlement delays of a full week or more across mainland Chinese banking. For time-critical CNY transfers around these dates, allow at least 7–10 working days. The offshore CNH market in Hong Kong follows different (shorter) closures.
Transferring CNY — what to know for larger payments
For private clients
Family remittances to and from mainland China, university fee payments to Chinese institutions and gifting are the most common reasons UK and international private clients transact in CNY or CNH.
Above CNY 200,000 (~£22,000), the rate margin matters — particularly given the gap that can open between the onshore CNY and offshore CNH rates. Cambridge Currencies typically settles via the offshore CNH market for international transfers.
For businesses
UK and EU businesses paying Chinese suppliers, settling cross-border manufacturing contracts or receiving CNY revenue typically benefit from a dedicated specialist. We can help structure invoicing in CNH for trade receivables, and forward contracts for scheduled supplier payments.
Cambridge Currencies operates with FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951). All transfers are completed by phone with a dedicated specialist.
Popular CNY currency pages
Live rates, historical charts and conversion tables for the most-traded Chinese yuan pairs.
Chinese Yuan / Renminbi (CNY) — Frequently Asked Questions
What is the symbol for the Chinese yuan?
The Chinese yuan symbol is ¥ in Latin contexts and 元 in Chinese. It is often written CN¥ to distinguish it from the Japanese yen, which shares the ¥ sign. The three-letter ISO code is CNY.
What is the CNY currency code?
CNY is the official ISO 4217 currency code for the Chinese yuan — its full form is “Chinese yuan”. The ISO numeric code is 156. The offshore yuan traded in Hong Kong uses the separate code CNH.
What is Chinese currency called?
China’s currency is formally called the renminbi (RMB), meaning “people’s currency”. Its principal unit is the yuan, so prices are quoted in yuan. The symbol is ¥ or 元.
What is the difference between yuan and renminbi?
Renminbi is the name of the currency; yuan is the unit you count in. The relationship is like sterling and pounds — sterling is the currency, pounds are the unit. So you would say “100 yuan”, not “100 renminbi”.
Why is the yuan called RMB?
RMB is the abbreviation for renminbi, the official name of China’s currency system. The yuan is the counting unit within that system, which is why both terms appear — RMB for the currency, yuan for amounts.
Is the Chinese yuan symbol the same as the Japanese yen?
Both use the ¥ sign because both names come from the same Chinese character meaning “round”. To avoid confusion, the yuan is written CN¥ and the yen JP¥, while their ISO codes — CNY and JPY — are unambiguous.
What is the difference between CNY and CNH?
CNY is the onshore yuan, traded inside mainland China and managed by the People’s Bank of China within a daily band. CNH is the offshore yuan, traded freely in Hong Kong and elsewhere. International transfers usually settle at the CNH rate.
How do I transfer money to or from China?
Most international yuan transfers settle through the offshore CNH market. A specialist currency broker can help structure invoicing in CNH and fix rates ahead of scheduled payments. Cambridge Currencies operates with FCA-authorised partners Currencycloud and ScioPay and completes every transfer by phone — request a CNY transfer quote to start.
Authoritative sources used on this page
- People’s Bank of China — banknotes, monetary policy, daily reference rate: pbc.gov.cn
- International Monetary Fund — SDR basket, RMB inclusion: imf.org
- ISO 4217 — currency codes standard: iso.org
- Bank for International Settlements — Triennial Survey of FX turnover: bis.org