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Onshore Chinese yuan (fiat currency) closes at 6.9626 as USD falls below 7

The onshore Chinese yuan (CNY in mainland China) ended at 6.9626 per US dollar after the USD/CNY exchange rate moved below the 7.00 mark.

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Terms & Concepts
  • Fiat currency: Government-issued money not backed by a physical commodity; examples include the US dollar and Chinese yuan.
  • USD/CNY exchange rate: The foreign exchange rate showing how many Chinese yuan equal one US dollar.
  • Onshore Chinese yuan: The Chinese yuan traded within mainland China, typically quoted as CNY.