CNY vs CNH vs RMB: What’s the Difference in Chinese Currency Codes?
If you have ever checked the Chinese yuan exchange rate , sent money to China, traded currencies, or done business with a Chinese company, you may have encountered three different terms: RMB, CNY, and CNH . They are closely related, but they do not mean exactly the same thing. The easiest way to understand the difference is this: RMB is the name of China's currency, CNY generally refers to the onshore yuan, and CNH refers to yuan traded in offshore markets. The distinction becomes especially important when comparing USD/CNY vs. USD/CNH exchange rates , because the two rates can differ even though both represent the Chinese yuan. CNY vs. CNH vs. RMB at a Glance RMB = Renminbi, the official name of China's currency Yuan = The basic unit of the renminbi CNY = ISO 4217 currency code for the Chinese yuan; commonly used for the onshore market CNH = Market convention for offshore renminbi, especially in international FX markets Key Difference = CNY and CN...