CNY Chinese Yuan Renminbi

Yet prior to splashing out in Beijing, it is useful to know some basics about the Chinese currency yuan (or renminbi), how to change your money into yuan, related Chinese foreign exchange policies and so on. This hierarchical structure is similar to the system used in many other currencies, such as dollars and cents or pounds and pence. The renminbi (RMB) is the official currency of China, symbolizing the country’s monetary authority. The term “renminbi” means “people’s currency” in Mandarin, reflecting the government’s socialist principles when the currency was established.

The People’s Bank of China (PBOC) was established during the Chinese Civil War. It issued the first RMB notes in December 1948, about a year before the Chinese Communist Party defeated the Kuomintang government. The modern-day Chinese yuan uses the abbreviation CNY to distinguish between the mainland currency and other uses of the word. An orange polymer note, commemorating the new millennium was issued in 2000 with a face value of ¥100. This features a dragon on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs).

Enjoy zero FX fees when paying in the following 15 currencies with World Card.

The yuan is the name of the unit in which renminbi transactions are denominated, but also refers to the currency generally. Thus, a person might pay for a meal using a 20 yuan banknote, and get some yuan and jiao (a tenth of a yuan) in change (the jiao is further divided into 10 fen). This is similar to the pound sterling, which is the name of the British currency, while the price of a pint of beer in a London pub would be stated just in pounds. With the second RMB series issued in 1955 and the third in 1962, things were fairly straightforward, in line with what one would expect from a centrally planned economy with wage and price controls in place.

Transition to an equilibrium exchange rate

In recent years, China has actively promoted the use of the yuan in global trade and finance. Initiatives such as currency swap agreements with other countries, the inclusion of the yuan in the International Monetary Fund’s Special Drawing Rights (SDR) basket, and the establishment of offshore yuan trading centers have bolstered the yuan’s international profile. The largest banknote is 100 yuan, followed by 50 yuan, 20 yuan, 10 yuan, five yuan, and one yuan. There are 10 jiao in a yuan, like dimes in a dollar, and 10 fen in a jiao. Understanding the difference between CNY and CNH is crucial when dealing with Chinese suppliers.

The People’s Republic of China (PRC), AKA “Today’s China”

This gives you the flexibility to pay suppliers in their local currency while saving on FX fees. CNH is used for trading in international markets, including cities like Hong Kong, New York, London and Singapore. As a foreign company, you would use CNH for conducting transactions that involve China but are outside of Mainland China. In essence, transactions in CNY are restricted while there are no restrictions on CNH. But the most important difference is that while the local value of CNY is still dictated by the People’s Bank of China (PBOC), the CNH is freely tradeable like most other currencies.

Real exchange rate

• This gives you the flexibility to pay suppliers in their local currency while saving on FX fees.
• CNY is the official currency abbreviation for the Chinese yuan under the ISO 4217 standard, but RMB is often used as an unofficial abbreviation.
• Before 2009, the renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions.
• This is the “piece of eight” (or “real de a ocho”) beloved of pirates and their parrots – worth eight reales and known as a peso in Spanish and a dollar in English.

The yuan suffered its largest-ever monthly price drop in April 2022, losing 7% of its value over three months. Some economists believe that these controls keep the yuan artificially devalued, making the country’s exports more attractive. The International Monetary Fund (IMF) reported in the summer of 2018 that the Chinese yuan was in line with fundamentals, only to then witness the yuan reach a 13-month low in response to an escalating tariff war with the United States.

What to know about the Chinese currency when doing business in China

With WorldFirst, businesses can easily hold multiple currency accounts, convert funds at competitive rates, and send payments to China, where they’re automatically exchanged into CNY. This simplifies transactions, reduces costs, and ensures smooth payments to suppliers. Back in the days before China was the industrial and economic behemoth that it is now, the Chinese economy was relatively closed and the conversion of international currency was heavily restricted. The Chinese government wanted to make sure that it held control of the money in the economy and to limit the amount of currency and wealth that could flow out of the country. Both of China’s currencies are officially called renminbi (RMB), meaning “the people’s currency” in Mandarin, and the yuan is actually the unit of account. With China’s economic reforms in the 1980s, the RMB was devalued and became more easily traded, creating a more realistic exchange rate.

• The renminbi (RMB) is the official currency of China, symbolizing the country’s monetary authority.
• The renminbi yuan has different names when used in ethnic minority regions of China.
• This simplifies transactions, reduces costs, and ensures smooth payments to suppliers.
• Typically the values will diverge depending on liquidity – in other words, how easily traders can get hold of a currency and the overall flows into the Chinese currency around Chinese New Year.

This is to distinguish the rates from those fixed by Chinese central banks on the mainland.15 The abbreviation RMB is not an ISO code but is sometimes used like one by banks and financial institutions. China’s central bank devalued its currency last week, sending major stock markets in Asia and Europe down, and sparking fears of additional exchange rate devaluations in other countries. When reading news and analysis of this event, you might see both terms—“renminbi” and “yuan”—used interchangeably. The renminbi is the official currency of the People’s Republic of China, and translates to “people’s money.” Its international symbol is CNY (or CNH in Hong Kong; but abbreviated RMB, with the symbol ¥).

These depict the national emblem on the obverse (front) and the name and denomination framed by wheat stalks on the reverse (back). In 1980, brass ¥0.1, ¥0.2, and ¥0.5 and cupro-nickel ¥1 coins were added, although the ¥0.1 and ¥0.2 were only produced until 1981, with the last ¥0.5 and ¥1 avatrade review issued in 1985. All jiǎo coins depicted similar designs to the fēn coins while the yuán depicted the Great Wall of China.

Markets located in Hong Kong that trade the Chinese currency at free-floating rates use another unofficial code – CNH. The RMB acts as one of the most-held reserve currencies in the world, while being the eighth most-traded currency globally. Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm.

The word they use is “kuai”, which literally means “piece”, and is the word used historically for coins made of silver or copper. China’s first domestically produced machine-struck dollar coin, or yuan, was minted in Guangdong province in 1890. The European merchants who started arriving in the early 16th Century went to China to buy silk and porcelain. Their trade99 review Chinese partners wanted silver, preferably these large European-style silver coins. The renminbi yuan has different names when used in ethnic minority regions of China.

The traditional character for yuan is also used in the currencies of other Chinese-speaking regions in the 2020s, including the New Taiwan dollar and the Hong Kong dollar. From 1972 to 1979, the renminbi went up in value compared to the US dollar, with 1.5 yuan being worth one US dollar. As the more loyal ChinaFund.com readers know all too well by now, Deng Xiaoping’s reforms started kicking in and the currency dimension was, of course, included in the equation. More specifically, the economy of China was becoming more open on all fronts and as of 1979, firms were actually allowed to retain a certain foreign exchange claim percentage.

Proving a success,82 the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included. In 2015 the People’s Bank of China again devalued their country’s currency. In recognition of the imminent 2022 Winter Olympics, the People’s Bank of China issued ¥20 commemorative banknotes in both paper and polymer in December 2021. In commemoration of the 70th anniversary of the Renminbi, the People’s Bank of China issued 120 million ¥50 banknotes on 28 December 2018. In 1953, aluminium ¥0.01, ¥0.02, and ¥0.05 coins began being struck for circulation, and were first introduced in 1955.

China has increased its attempts to back its currency, including promoting free usage of the renminbi. Whether you know it as yuan or renminbi, what matters is that the currency from China remains a part of the currency conversation on the global stage. Since 2019, we’ve been part of Ant Group, the Chinese company that operates the lifestyle platform Alipay. Since Alipay serves 1.3 billion users worldwide, fxchoice review we’re able to leverage one of the largest global commerce ecosystems in the world and enable users to make transfers in 100+ currencies. The key difference lies in how they’re regulated and traded – CNY is used within mainland China under strict government control, while CNH circulates offshore with greater flexibility. The obverse of the 1999-type 100-yuan notes is a portrait of Mao Zedong while a picture of the Great Hall of the People is printed on the reverse.

In 1999, a commemorative red ¥50 note was issued in honour of the 50th anniversary of the establishment of the People’s Republic of China. This note features Chinese Communist Party chairman Mao Zedong on the front and various animals on the back.

Samsung Galaxy S25 Edge vs S25+: Are You Willing to Trade Function for Form? Comparison 2025 PCMag UK

The Samsung Galaxy S25+ offers a nearly identical experience to the Ultra, with leading AI and outstanding performance, in a slightly smaller, stylus-free design for less money. Some stores provide a collection service where somebody will pick up the old phone you are selling at your house, making it convenient for you. But you will often make a little time to prepare the package and drop it at the nearest USPS, UPS, or FedEx collection point near you. From the moment you place decide you want to sell your cell phone and complete the simple form, you’ll be sent a pre-paid shipping label by email or the whole packaging in the mail. All you have to do is send it back and you’ll earn so much more than going instore, and it will be cash not store credit. As Deputy Editor, Tom keeps the website ticking along, jam-packed with the hottest gadget news and reviews.

We purchased a $300 (plus tax) iPhone 13 in “good” condition, but to our surprise we received a phone that we’d consider excellent. It had no obvious visible damage, just some light scuffing around the camera lenses, but was otherwise nearly pristine. We test every smartphone in real-world conditions to ensure it performs well in everyday life. This includes binge-watching series to assess battery life and capturing hundreds of photos to evaluate camera quality. We also push the graphics to the limit with the latest mobile games to measure processing power, and use our experience to rate display quality, design, durability, and software experience.

• The phone’s rear panel is covered by Corning Gorilla Glass Victus 2.
• If this is a small taste of what’s in store for the future, then I’m on board with the prospect of ultra thin phones.
• Performance should be a dead heat, but we’ll let benchmark testing give us the final word once we review the S25 Edge.
• We can say that the S25+ is an outstanding performer, and we expect much the same from the S25 Edge.
• That means the phone ships with Android 15 and Samsung One UI 7 and will receive seven years of OS and security upgrades.
• Delivering killer specs at a competitive price point, we think the OnePlus 13 hits another home run.

Sold for $item.price

There’s none of the Nothing Phone 2’s snazzy lighting, but the composite shell does a stellar impression of the glass used by its premium cousins. You’re also getting pure Android 14, which the 8a’s Tensor G3 CPU (same as the Pixel 8 Pro) runs without a stutter. For the price, we find it to be a very tempting alternative to higher-end options like the Pixel 9 Pro or OnePlus 11.

I loaded up a 4K HDR clip on YouTube and honestly it looks very much like the Galaxy S25 Ultra. It also benefits from the same adaptive 120Hz refresh rate that makes animations and scrolling with the interface so buttery smooth. The Galaxy S25 Edge features a 6.7-inch AMOLED display with QHD+ resolution, which is actually the same as the Galaxy S25 Plus. It’s a good size, complete with a skinny bezel all around the display and a small notch for its selfie camera. This phone doesn’t come cheap at all and will make anyone really think twice about its value, but I can’t say if it’s worth the high price until we’ve put this device through its paces. This is the argument at the heart of the Galaxy S25 Edge, which starts at $1,099 for the base model with 256GB of storage — or you can upgrade to 512GB of storage for $1,219.

By thoroughly examining these crucial elements, we aim to give you a complete understanding of each phone’s capabilities, helping you make an informed purchasing decision. We usually spend a week or longer reviewing phones, immersing ourselves in their daily use to thoroughly evaluate all of the software features, build quality, and performance. This extended period allows us to experience the phone as an average user would, identifying both strengths and weaknesses that may not be immediately apparent.

Of course there are some AI features as well, and I honestly ignored them because they revolve around taking screenshots. I’m just not a screenshot type of user, but Nothing isn’t alone in this – the latest Google Pixel 9 also relies on screenshot-based AI tools. You can also use Google Gemini, but don’t expect the robust set of AI features that you might find on more expensive Samsung Galaxy and Google Pixel phones. Why you can trust TechRadarWe spend hours testing every product or service we review, so you can be sure you’re buying the best. Why you can trust Tom’s GuideOur writers and editors spend hours analyzing and reviewing products, services, and apps to help find what’s best for you. The S25 Edge loses the 10MP optical zoom telephoto camera of the S25+.

Samsung says the phone has the same ProVisual Engine (image signal processing software) as the rest of the S25 family and is just as adept at capturing photos. A 12MP ultra-wide camera joins the main camera, and it can snap macro shots if you like. The S25+ has a 50MP main camera, a 12MP ultra-wide camera, a 10MP telephoto camera, and a 12MP selfie camera. Finance apps generally stop at being able to display your brokerage account balance as part of your overall financial picture. Some of the most popular financial apps are budgeting apps, and we review these separately from our investment app reviews. More recently, complex trading strategies originally reserved for desktop experiences like multi-leg options trades and contingent orders have been enabled on apps as well.

CMF Phone 2 Pro review: Battery

The Samsung Galaxy S25 Ultra (buy now) is superlative in almost every respect. Design, display, performance… add on the S-Pen stylus and some clever AI additions, and this is a fantastic all-rounder. You are about to migrate your existing account to a Business Account.

Can I sell broken cell phones?

The quality of the phone is excellent and it performs as expected. I would definitely recommend this online store to anyone in need of a new phone. For around the same price – $300 / £299 / AU$499 – you’ll get a Samsung Galaxy A26 or Motorola Moto G Power with 128GB of storage. Both of those phones are a bit more durable, though, with true IP67 and IP68 ratings for water resistance, respectively. Otherwise, there are no significant coinbase exchange review benefits in terms of specs and hardware, and the CMF Phone 2 Pro has a slight edge in performance.

• The true test will be how bright it gets because the Galaxy S25 Ultra achieved a peak brightness of 1,860 nits.
• In addition to the camera, the other area where the Galaxy S25 Edge compromises over the Galaxy S25 Ultra is in the battery department.
• The rapid advancement of technology has benefited investors by providing more market knowledge, transparency, and investment options than ever before.
• I have recommended Phone Traders to my friends and family, and they have all been satisfied with their purchases.

Samsung Galaxy S25 Edge hands-on review: Price and availability

I recently purchased a phone from Phone Traders, and I must say I am very impressed with the quality of their products. The customer service was also excellent, they answered all my queries promptly and professionally. I highly recommend Phone Traders to anyone looking for a new phone. Future Labs tests phones using a mix of third-party benchmark software and proprietary, real-world tests.

This one started out fine but after two weeks I noticed that I was charging it more and more frequently. By week four I was trying to keep it charged but it needed charging every few hours. I was told by Geek Squad that the way I described the battery failure is indicative of an old battery. The satellite tracking technology known as GPS, combined with information from cell towers and Wi-Fi networks, has made the smartphones incredibly powerful tracking devices. Google maps and its poorer cousins enable even the most directionally impaired find octafx review their way around unfamiliar locales with ease. Samsung’s website asks customers to select the type of device they’re trading in and which Samsung device they want to purchase before listing trade-in values.

The S25 Edge costs $1,099.99 for the base 256GB model and $1,219.99 for the 512GB model. The S25+ costs $100 less for both models ($999.99 and $1,119.99, respectively). If you’re weighing the rest of the lineup, the S25 starts at $799.99 and the S25 Ultra starts at $1,299.99. After they receive and inspect the device, you will get instant money directly into your bank or PayPal account within 24 hours.

VERY DISAPPOINTED guys this platform is a scam, it’s should be closed, they never send my money , they just stole my phone. You plan on beating this phone upThe CMF Phone 2 Pro is more durable than the last CMF phone, but if you’re going to beat up on a phone, get something more durable. In our Future Labs battery rundown test the CMF Phone 2 Pro was a top performer, managing to last just over 16 hours. In the same test, the Samsung Galaxy A26 lated around 10 hours, and the Pixel 9a and iPhone 16e (the cheapest iPhone right now) both lasted just over 12 hours. The CMF Phone 2 Pro only comes with an IP54 rating, which means it’s protected against dust, but when it comes to water it can only handle rain or splashing, not a full dunk. Please logout and then login again, you will then be prompted to enter your display name.

But at the same time I’m torn because at $1,099, it’s intruding on Galaxy S25 Ultra territory — so I’m left wondering if the trade-offs with the Galaxy S25 Edge are worth it. For more information on Stuff’s rating and review process, read our page on how we test products. In order to buy the best smartphone for your needs, there are several important factors to consider. Luckily, Stuff’s smartphone experts are ig group review here to help you compare options and make a final decision. The Samsung Galaxy S24 Ultra (buy now) may have been superseded by the S25 Ultra, but it still packs very capable cameras and plenty of performance.