CNY is the code of RMB. CNY is the abbreviation of "China Yuan". The RMB code CNY is the currency symbol assigned by ISO to China. At present, the abbreviation of RMB (RenMinBiYuan) is RMB / ￥, which is the combination of the initial letters of the Chinese phonetic alphabet of RMB, and the standard currency symbol is CNY.
In international trade, CNY is the only normative symbol for RMB. Now it has replaced the notation of RMB / ￥ and is uniformly used for foreign exchange settlement and domestic settlement. However, RMB / ￥ can still be used for domestic settlement without confusion.
1cny is equal to 1 yuan, which is also the smallest integer unit of RMB. At present, CNY is uniformly used for foreign exchange settlement and domestic settlement in international trade. Domestic banking institutions usually use CNY as the symbol of RMB. However, many people are still used to using RMB in people's daily life and internal accounting of enterprises.
The main reason why CNY is used to replace RMB is that Pinyin has little influence in the world, which is not conducive to China's currency going to the world and becoming a freely convertible currency. Therefore, replacing "RMB" with "Chinese yuan" can be in line with the abbreviation logo of international currency.