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Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
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Chinese Yuan (CNY)

Mira Team by Mira Team
December 23, 2020
in Forex Terms
Reading Time: 1 min read
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Definition – What does Chinese Yuan (CNY) mean?

The Chinese yuan (CNY) is the official currency of China. Unlike the currencies of countries of comparable economic size, the yuan remains pegged to a basket of currencies.

The yuan is also known as the Chinese Renminbi.

ForexTerms explains Chinese Yuan (CNY)

The yuan was formerly pegged to the USD. In 2005, China bowed somewhat to international pressure and allowed the yuan to fluctuate in a narrow band against a basket of currencies that still includes the USD. However, as a function of these policies, China can theoretically end up importing inflation if one or a number of these currencies begin to inflate their currencies in hard economic times.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

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