The currency of the People's Republic of China is CNY. The basic unit of renminbi is Yuan and refers to the Chinese currency. The difference between the terms renminbi and yuan is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao and a jiao is subdivided into 10 fen. The monetary authority of China is the People’s Bank of China and the renminbi is issued by the People’s Bank of China. One yuan is subdivided into 10 jiao. Till 2005, the value of the renminbi was pegged to the US dollar. As China pursued its transition from centralized planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. As a result of the rapid internationalization of the renminbi, it became the world's 8th most traded currency in 2013 and 5th by 2015.
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CNY Currency Rate
STATISTICAL DATA ABOUT THE GROWTH RATE OF CONVERTING INR TO CNY
When we take a look at the growth cycle of the INR / CNY exchange it has been gradually decreasing in steady state over the past 10 years. It reached its peak growth only in the year 2009 and suffered a heavy downfall in the year 2013. It has been constantly increasing at a very slow pace over the next few years from 2013 but it has not reached a huge hike though. Below is the list of the highest and lowest exchange rate of INR / CNY:
- Lowest INR / CNY Currency Exchange Rate- The rate of the INR / CNY exchange rate in the year 2013 is Rs 0.09252 per 1 INR.
- Highest INR / CNY Currency Exchange Rate- The rate of the INR / CNY exchange rate in the year 2009 is Rs 0.1758 per 1 INR.