This is the currency symbol assigned to China by the International Organization for Standardization (ISO). The full name of CNY is China dollar, and the Chinese name is RMB. In the past, RMB, the English abbreviation of RMB, was based on the first letter combination of Chinese phonetic alphabet of RMB.

Now, however, CNY has replaced RMB as the only normative symbol of RMB in international trade and finance. As the English abbreviation of RMB, CNY has been widely used in financial market settlement, trading and economic data release at home and abroad.

In international trade, CNY is the only standard symbol of RMB, which helps to improve the convenience of currency circulation and reduce exchange rate risk. In addition, CNY is also used in foreign exchange market, cross-border investment, international bonds and other financial products transactions.

Characteristics of CNY:

1, concise and clear: CNY has a simple abbreviation, which is easy to remember and write, and can quickly identify the monetary unit of RMB in international trade and daily life.

2. Internationalization: CNY has been widely used in international trade and finance, and has become one of the major settlement currencies in the world, which has been accepted by many countries and regions.

3. Standardization: CNY is the international standard abbreviation of RMB. No matter in which country, as long as CNY is mentioned, everyone knows that it refers to RMB.

Universality: CNY is not only used in international trade, but also in domestic economic activities, such as e-commerce and online payment.

5. Legal effect: In China, CNY is the legal tender unit, which has legal effect and can be used to pay various expenses and debts.

Reference to the above content: Baidu Encyclopedia-RMB