What is ‘CNY’?
CNY in forex stands for the Chinese Yuan, which is the official currency of China. In the foreign exchange market, CNY is the symbol used to represent the Yuan when trading and investing.
The forex market allows individuals, businesses, and institutions to exchange one currency for another, including the Chinese Yuan.
CNY is widely traded against major currencies such as the US Dollar, Euro, and Japanese Yen. The value of CNY is determined by various factors including economic indicators, government policies, and market sentiment.
Example of ‘CNY’
In case, the exchange rate for CNY/USD is 6.50, it means that 1 Chinese Yuan can be exchanged for 6.50 US Dollars.
Traders and investors can speculate on the value of CNY by buying or selling it in the forex market, taking advantage of fluctuations in exchange rates to make profits.