The Chinese yuan (code: CNY) is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi. A yuán is also known colloquially as a kuài ( "lump", originally of silver). The symbol for the yuan is also used to refer to the currency units of Japan and Korea, and is used to translate the currency unit dollar as well as some other currencies; for example, the US dollar is called Měiyuán , or American yuan, in Chinese, and the euro is called Oūyuán , or European yuan. When used in English in the context of the modern foreign exchange market, the Chinese yuan most commonly refers to the renminbi (CNY), which traded for US$0.1575 on August 31, 2012.
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