CNH (¥)
Chinese yuan
Current regime
Trading the CNY between market participants and across borders is restricted and the market price is regularly managed.
Highly standardised payment processing for offshore markets only. Offshore trading occurs in Hong Kong and Singapore using the code CNH.
History
The Chinese renminbi was introduced in December 1948 by the newly founded People's Bank of China. The Chinese renminbi was subsequently rebased in March 1955 using 10000 as the divisor.
The Chinese renminbi was pegged to the USD until 2005, when a strongly bounded float was instituted leading to a steady appreciation until the Global Financial Crisis in 2008 led to the currency again being pegged until 2011. The market has been gradually liberalised since this time.
On 1 October 2016, the Chinese renminbi became the first emerging market currency to be included in the IMF's special drawing rights basket.
The Chinese renminbi accounted for 4.3% of global FX turnover in April 2019.
http://www.pbc.gov.cn/english/130712/index.html
