CNY - Chinese Renminbi/Yuan : Chinese Renminbi/Yuan is the official currency of China. Until 2005, the value of the renminbi was pegged to the US dollar. As China pursued its transition from central planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. On 1 October 2016, the RMB became the first emerging market currency to be included in the IMFs special drawing rights basket, the basket of currencies used by the IMF.
Source: State Bank of Pakistan