Best Exchange Rates Uk Guide to Foreign Exchange in Asia.

January 19th, 2012

A Best Exchange Rates UK guide to the foreign exchange market in Asia.

Foreign exchange is big business all over the world and for many of us living in the UK, the foreign exchange market in Asia is totally new ground for us. This article is going to look into some of the foreign exchange markets in Asia – China, Japan and Russia.

If you are looking for foreign exchange rates for a journey to China, the currency you will be exchanging for is the Yuan Renminbi. The currency code for the Yuan Remninbi on the foreign exchange market is CNY, and the currency symbol is ¥. Chinese currency has two names, the Yuan and the Renminbi. “Renminbi” was introduced by the Communist People’s Republic of China at the time of its foundation in 1949. It means the “people’s currency”. The “Yuan” is the name of a unit of the renminbi currency. An easy way to differentiate between the two is to think of the terms “pound” (renminbi) and “pound sterling” (yuan). If you were buying something for 10 pounds you would not say 10 pounds sterling.

If it is foreign exchange in Japan you are interested in, the currency that you will be dealing with is the Japanese Yen. Figures show that the most popular foreign exchange rate is the Japanese Yen to US Dollars. The currency code for the Yen which is used in the foreign exchange market is JPY and the symbol is the same as China: ¥. The Yen was introduced in 1871 under the Currency Act, which established the Yen as the official unit of currency and moved Japan onto the Gold Standard. The main bank in Japan is the Bank of Japan (BOJ). The Japanese Yen is one of the most popular traded currencies in the foreign exchange market.

The final currency this article is going to discuss is the Russian Ruble. The currency code which is used on the foreign exchange market is the RUB, and the currency symbol is руб. According to the foreign exchange market the most common Russian Ruble exchange rate is the RUB to USD (US Dollar) rate. The name Ruble derives from the word “to chop” – historically, “ruble” was a piece of certain weight chopped off a silver ingot. The modern ruble was introduced in 1992 when the Soviet Union split. In 2001, the Russian banking system modernised their bank notes which significantly improved security.

If you are interested in learning about other foreign exchange currencies, visit the rest of our articles for more information. For the best exchange rates available on the market today, visit our “open an account” page.

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