The Chinese Yuan is the currency of Peoples Republic of China. The currency code for Yuan Renminbi is CNY, and the currency symbol is . The yuan (Chinese:元 ; pinyin: yun) is the basic unit of the renminbi but is also used to refer to the Chinese currency generally, especially in international contexts where Chinese yuan is widely used to mention the Renminbi. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao , and a jiao in turn is subdivided into 10 fen. The Renminbi is issued by the People's Bank of China, the monetary authority of China. The most popular China Yuan Renminbi exchange rate is the CNY to USD rate.

Currency Facts

Benefits of Buying Chinese Yuan from BookMyForex

Though you can purchase foreign exchange including Chinese Yuan from multiple places in India such as from your bank, a nearby local money changer or at the airport itself but BookMyForex scores way better than these traditional places in terms of overall cost, convenience and experience. Here is how!

 Online Order Facility: While banks and other institutions require making in-person visits, you can buy or sell Chinese Yuan online with the comfort of your own home.

 Best Exchange Rate: You don’t need to haggle to get better rates as BookMyForex scans the exchange rates quoted by 100s of money changers near to your location and provides you with the best CNY exchange rate.

Doorstep Delivery: With BookMyForex, you can not only place an order and make payment online to purchase Chinese Yuans but also the same would be delivered to you directly to your home in case you go for the home delivery facility. So no need to step out from your home to get foreign exchange

 One-Stop Forex Solution: Being a digitally enabled online marketplace for currency exchange, BookMyForex provides a full suite of forex related products which include foreign currency notes, forex cards, wire transfer (TT), foreign currency-denominated demand drafts, traveller’s cheque etc.

Things to do for Getting the Best Chinese Yuan Rates

Here are a few tips that can help you in getting the best Chinese Yuan Rate or CNY rate in India.

• Buy or Sell CNY Online: Banks or local money changers provide forex at a fixed rate for the day, while a trusted online marketplace for currency exchange such as BookMyForex provides foreign currency at live and transparent rates which can save you money.
• Compare CNY Rates & Buy: It is always better to first compare foreign exchange rates on different platforms and then buy it. Being a digitally enabled market-leader, BookMyForex automatically does that for you by first comparing forex rates quoted by 100s of money changers near you and provide you with the best forex rate.
• Avoid Getting Chinese Yuan from the Airport: By getting foreign exchange at the airport, you may easily end up paying anywhere between 6% to 13% more than the rates quoted by a marketplace. So strictly avoid getting forex from the airport.
• Avoid Using Credit/Debit Card for Transactions in CNY: Due to various types of currency conversion charges, using a credit or debit card for forex transaction while travelling abroad may not be a good choice as you would be paying 3% to 6% more. If you want to avoid carrying a stack of cash, better buy a forex card.

History of Chinese Yuan

China has a rich history of over 3000 years, and Chinese currency existed in both Ancient and Imperial China. In 1914, the Silver Dollar was established as the official currency of the Republic of China, with copper, fen, and nickel coins being added in the 1930s. During this time silver appreciated in value, and China could no longer retain the silver standard. In 1935, a new currency known as Fabi, was issued.

Introduction of the Gold Yuan and Chinese Yuan Renminbi

The Gold Yuan replaced the Fab in 1948. That same year, the Yuan Renminbi (often called RMB) was introduced as a way to help stabilize the Communist held areas of mainland China. In 1955, a re-evaluation took place and a new Yuan Renminbi was introduced.

The Renminbi in Foreign Exchange

When China's economy opened in 1978, the Yuan Renminbi was only used domestically and foreigners used exchange certificates; this led to a powerful black market. From 1997 to 2005, the Chinese government pegged the Chinese Yuan Renminbi to the US Dollar. The Chinese government launched a pilot program in 2009, allowing some businesses in Guangdong and Shanghai to execute business and trade transactions with counterparties in Hong Kong, Macau, and select nations. The program has since expanded to all areas of China and all international counterparties. China has also made agreements with Australia, Japan, Thailand, Russia, and Vietnam to allow for direct currency trade, instead of converting to the US Dollar.