What Is the CNY Currency?

What is the CNY Currency?

If you’ve seen prices or exchange rates quoted in CNY and aren’t sure what it refers to, you’re not alone. This guide is for UK travellers, online shoppers, importers, or anyone encountering Chinese currency for the first time. It explains what CNY stands for, how it relates to China’s economy, and what to consider when using or exchanging it.

What does CNY mean?

CNY stands for Chinese Yuan, the official currency of the People’s Republic of China. The international code CNY is used in banking, forex, and global commerce to represent the yuan. Domestically, the currency is known as Renminbi (RMB), which translates to "People’s Currency." Think of Renminbi as the name of the currency system, while yuan is the actual unit of money.

For example, when you pay for something in China, it may be listed as ¥100. This is 100 yuan, which is part of the renminbi system. CNY is simply the standard international abbreviation used in transactions and currency conversion.

Who uses the Chinese Yuan?

The CNY is used exclusively in mainland China and is the only legal tender for Chinese citizens and visitors. Hong Kong and Macau use separate currencies (HKD and MOP respectively), despite also being part of China politically.

If you’re a UK resident buying from Chinese retailers or travelling to China, you’ll most likely see prices and exchange rates in CNY. Importers, international businesses, and even tourists booking hotels or tours may also encounter this code when making payments or receiving invoices.

How does the yuan work?

The yuan is subdivided into jiao and fen, although these smaller units are rarely used in practice due to low value. Banknotes commonly used include ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. Coins also exist but are far less frequently seen than notes.

At the time of writing, £1 is worth roughly 9–10 yuan, but this can vary depending on economic conditions, so it’s important to check current exchange rates before making financial decisions involving CNY.

What’s the difference between CNY and CNH?

You may also come across the term CNH, which refers to the offshore yuan—a version of the Chinese currency that is traded outside mainland China (such as in Hong Kong or London). CNH and CNY are technically the same currency but traded in different environments.

CNY is tightly controlled by China’s central bank and used within its borders. CNH, on the other hand, is subject to more market-driven pricing and used for international trade or investment. For everyday purposes such as shopping or travel, CNY is the code you’ll see and use.

Using or exchanging yuan from the UK

If you’re travelling to China, you may be able to order yuan from major UK currency exchange services before departure, though it’s often more cost-effective to use ATMs upon arrival. However, not all cards are accepted in China, so it’s important to check that your UK debit or credit card will work.

Cash is still widely used in China, but mobile payment platforms such as Alipay and WeChat Pay are increasingly dominant. Tourists may now have access to simplified versions of these apps that accept international cards, but cash remains essential in rural or traditional areas.

Tips for UK users dealing with CNY

• Check that your bank or travel card provider supports Chinese ATMs and doesn’t charge excessive foreign transaction fees

• When shopping online from Chinese retailers, review if prices are listed in GBP or CNY to avoid unexpected exchange costs

• If you’re being paid or invoiced in CNY, consider using a multi-currency account or a payment platform like Wise to handle conversions efficiently

• Be aware of Chinese capital controls if you’re moving large amounts of money, as there are restrictions on the flow of funds in and out of China

Common misconceptions

One common mistake is assuming CNY and RMB are two different currencies. In reality, they refer to the same monetary system—RMB is the official name, and CNY is the currency code. It’s also worth noting that the yuan is not freely convertible like the pound or dollar, which means its value is influenced by government policy rather than purely market forces.

Conclusion

CNY is the currency code for the Chinese Yuan, used across mainland China for everyday spending, business, and international trade. Understanding the role of the yuan—and how it fits within global finance—can help UK individuals and businesses navigate cross-border purchases, currency exchange, and travel more confidently.