Currency profile
Chinese Yuan (CNY)
The renminbi (RMB) is the official currency of the People’s Republic of China; its unit is the yuan (CNY), divided into 10 jiao or 100 fen. It trades under a managed float overseen by the People’s Bank of China.
The Chinese Yuan today
Mid-market · as of 6:12 PM GST
The yuan is managed, not free-floating: the People’s Bank of China sets a daily reference rate against the US dollar and lets the yuan trade within a set band, so it is steadier against the dollar than a freely floating currency.
Exchange-rate regime
Managed float. The renminbi trades under a managed float: the People’s Bank of China sets a daily central reference rate against the US dollar and allows the yuan to move within a ±2% band around it. The hard dollar peg ended in 2005.
The issuing central bank
The People’s Bank of China was established on 1 December 1948 and issued the first renminbi the same day.
History
- 1948The People’s Bank of China was founded and issued the first renminbi.
- 2005China ended the fixed dollar peg and moved to a managed float referencing a basket of currencies.
- 2014The daily trading band around the reference rate was widened to ±2%.
- 2016The renminbi was added to the IMF’s Special Drawing Rights basket.
Coins and banknotes
One yuan is divided into 100 fen. Coins: 1 and 5 jiao and 1 yuan. Banknotes: 1, 5, 10, 20, 50 and 100 yuan (small 1-jiao and 5-jiao notes also circulate), issued by the People’s Bank of China.
Popular Chinese Yuan pairs
What moves it
- The renminbi is a managed float: the People’s Bank of China’s daily reference rate and ±2% band shape where it can trade.
- Because the reference rate is quoted against the US dollar, moves in the dollar feed directly into renminbi rates.
- China maintains capital controls, so the onshore rate is more managed than a freely floating currency.
Structural facts reviewed 8 August 2026 · reviewed quarterly. Sources: People’s Bank of China · International Monetary Fund. Live rates are mid-market — see our Methodology and Editorial Policy.