The Chinese Yuan is the official currency of China and is a respected currency around the world. The Chinese yuan plays a major role in the world economy since China’s economy is among the fastest growing economies in the world. More and more online trading brokerages and other online businesses are accepting the Chinese yuan as a viable currency to use on their platforms and as payment for various goods and services. The Chinese currency is properly known as “Renminbi”, but is more commonly called and known as the Chinese yuan internationally. The Chinese Yuan has grown to be so popular that is has become the unofficial currency in parts of Mongolia and Burma. Therefore, as the currency is so popular, more and more online trading brokerages are accepting it as a viable currency to be used their platform.show more
The Chinese yuan is symbolized by the “￥” symbol, which is also used by the Japanese yen currency. For this reason, it is important to differentiate these symbols by looking for the currencies abbreviations. For the Chinese yuan, the abbreviation is “CNY” and for the Japanese yen the symbol is “JPY”. Since both currencies have the same symbol, a trader must look for the associated abbreviation along with the symbol when making deposits with the Chinese yuan.
For traders looking to join an online trading brokerage based out of China, they may need to exchange their foreign currency to the Chinese yuan. Although, before doing this, a trader must ensure that traders from their country are aloud to trade with the Chinese brokerage. If the trader is from an accepted country, they can exchange their currency for the Chinese yuan through the brokerages deposit process.
However, some brokerages do not offer the exchange of currencies. Therefore, a trader would have to exchange their currency using an online exchange service for a small fee. Same goes for the other side of things. If Chinese traders want to deposit funds with an international trading brokerage, they will have to go through the same currency steps as mentioned before.
Chinese traders with Chinese bank accounts have the most available methods of deposits and withdrawals for Chinese yuans. Chinese yuans are directly deposited or withdrawn from the trader’s Chinese bank account via direct bank transfers, debit and credit cards, or various third-party e-wallets. When dealing with an online trading brokerage based out of China, having a Chinese bank account will speed up the transfer processes and result in lower fees. It is still possible to deposit and withdraw funds through international bank accounts, but you may need to exchange funds to the Chinese yuan upon deposit, resulting in higher fees and longer transaction times.