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> a currency that can’t be spent You can spend it in China, right?
by triceratops 7mo ago
> a currency that can’t be spent
You can spend it in China, right?
- bobthepanda 7mo agoIf they let you when you want to. One big thing that has prevented CNY from becoming a reserve currency is that China has explicitly said it wants to preserve its ability to heavily and suddenly restrict capital flows in and out of China. If all of a sudden you can't redeem CNY outside of China inside it that makes it a very poor storage of value.
- robocat 7mo agoYou actually mean CNH as per https://news.ycombinator.com/item?id=47577249 https://news.ycombinator.com/item?id=47577249 CNY is internal to China! See https://simplefx.com/education/usdcnh-differences-between-chinese-offshore-yuan-and-cny https://simplefx.com/education/usdcnh-differences-between-ch...
- kasey_junk 7mo agoTo be clear cnh is a convention while cny is the iso standard.