The USD accounts for the largest share (22.4 percent), followed by the euro (accounting for 16.3 percent) and the yen (11.5 percent). The CFETS RMB Index measures the value of yuan against a basket of 24 major currencies, with weights based on international trade and has an end-2014 base year. China's Foreign Exchange Trade System published a new yuan index, on December 11th, 2015 including 13 currencies and extended it on January 1st 2017 to 24. The USDCNY and the USDCNH are not very different and usually trade less than a few cents apart. The offshore yuan (USDCNH) which trades outside the mainland is not controlled. The People's Bank of China sets the yuan's mid-point rate and the onshore yuan (USDCNY) is allowed to trade 2% higher or lower than the PBoC’s central reference rate. When investors or entities want to exchange dollars for the Chinese currency, they do so using the USDCNH exchange rate set in Hong Kong. The USDCNY exchange rate is a reference rate not used in actual currency trading.
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