Yuan is the modern currency of the People’s Republic of China. The international designation of this currency in the ISO 4217 standard is CNY. 1 yuan is divided into 10 jiao, which in turn are divided into 10 fen. The issuing institution is the People’s Bank of China and the banknote manufacturer China Banknote Printing and Minting Corporation. Due to legal changes in July 2010, many banks around the world are offering people the option to keep deposits in Chinese Yuan.
Pros and cons of CNY
The advantage of the yuan is that it practically does not devalue against the dollar. Also, the Chinese economy confidently ranks 2nd in the world, and in 2015 the yuan was included in the basket of 5 world reserve currencies.
The minus of the yuan is that it is still not among freely convertible currencies, its rate is only a conditionally market one. Also, China formally remains a developing country, so its currency is under serious pressure during the global recession.
Best CNY casino online
GambleFAQ welcomes Chinese gamblers to its website! Especially for you, we have compiled a list of the best casinos that accept Yuan. Choose the best casino for you from the list to make deposits and withdrawals using Yuan!
