The Chinese Renminbi is the official currency of the People's Republic of China, abbreviated as CNY in forex markets. 'Renminbi' means 'people's currency' and the yuan is its primary unit; it is managed under a controlled float system by the People's Bank of China. As the world's second-largest economy, changes in China's currency policy and the daily PBOC fixing rate are closely watched by global traders for their impact on trade flows and risk sentiment.
Example
“The PBOC set the daily CNY fixing rate stronger than expected, signaling it wanted to support the Renminbi amid capital outflow concerns.”