| Since the Chinese Renminbi, abbreviated as RNB, was de-pegged from the US Dollar (USD) in July 2005, the USD/CNY has depreciated by more than the 30%, demonstrating as the RNB is gaining acceptance around the world. Its unit of measure is the Yuan, abbreviated on markets as CNY.
The Renminbi, which literally means “People’s currency”, was issued shortly before the takeover of the mainland by the Communists in 1949. For decades it has been exchanged at unsatisfactory levels because of the command economy established in China. In 1997 it was pegged to the US Dollar, till July 2005, when the peg was removed...............................................Full Article: Source
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