AFN to CNH

AFN - Afghan Afghani (؋)

Afghan Afghani

The Afghan Afghani (AFN) was introduced in 2003 as the new currency for Afghanistan. Two distinct rates were established: the government issue of 1000 and the northern alliance of 2000. Prior to 2003 the currency was the Afghanistan Afghani (AFA). There is no stock market. Money lending as well as foreign exchange is done through money bazaars.

The Afghan Afghani is the currency in Afghanistan (AF, AFG). The symbol for AFN can be written Af. The Afghan Afghani is divided into 100 puls. The exchange rate for the Afghan Afghani was last updated on May 24, 2019 from Yahoo Finance. The AFN conversion factor has 3 significant digits.

Economy

• Afghanistan relies on foreign aid, trade, and farming from bordering countries.
• The country and international concerns are focusing on improving infrastructure by creating jobs, promoting development of housing, and investing in education.
• International groups contributed over $2 billion to help Afghanistan’s dying economy.
• Afghanistan's agricultural products include wheat, wool, nuts, mutton, opium, lamb skin, and sheep skin.
• Afghanistan exports mainly nuts, fruit, carpets, and cotton.
• Imports include textiles, petroleum products, and capital goods.

History

• The first Afghani (AFA) was introduced in 1925. Before this time period the Afghan Rupee was the official currency.
• From the year 1925 to the year 1928 Afghani treasury notes were introduced.
• In 1975, all Afghanistan banks were nationalized.
• In 1981, the Afghani was pegged to the United States Dollar at 1 USD = 50 Afghanis.
• Afghanistan was taken over by Taliban rulers in 1996. The Taliban central bank declared the Afghanistan Afghani worthless and the bank cancelled the contract they had with Russia for printing their money. The country's currency was devalued against the US dollar to a rate of 1 USD = 43 Afghani.
• In 2002, the new Afghan Afghani currency (AFN) was introduced. In October, 2003 Afghanistan started using AFN as the official currency in local trade.
• In 2005, Afghani coins replaced the 1, 2, and 5 Afghani banknotes.
• Since 2005 the Afghanistan economy has grown at a steady pace.

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CNH - ()

The official currency of the People’s Republic of China is the Chinese Yuan Renminbi (CNH). The Yuan is used on the mainland of China, but not in Hong Kong. The symbol for the Yuan is ¥.

The Chinese Offshore Yuan is the currency in China (CN, CHN), and Hong Kong (HK, HKG). The symbol for CNH can be written Y. The Chinese Offshore Yuan is divided into 10 jiao or 100 fen. The exchange rate for the Chinese Offshore Yuan was last updated on August 24, 2018 from Bloomberg. The CNH conversion factor has 4 significant digits.

Economy

• The economy of the People’s Republic of China is the second-largest in the world.
• The economy has been growing at a fast pace.
• China is the largest exporter and the second-largest of importer of products in the world.
• Industries and services are the main trading factors in China.
• The main industries are fertilizers, locomotives, rail cars, vehicles, satellites, footwear, toys, armaments, metals, coal, mining, and steel.
• Export products are textiles, steel, iron, medical equipment, data processing, electrical goods, and other machinery.
• Import products are plastics, metal ores, organic chemicals, oil and mineral fuels, and medical equipment.
• The unemployment rate is currently estimated at 4%.

History

• In 1948, the first edition of the Chinese yuan was introduced by the People's Bank of China. The Yuan was issued in banknotes only.
• In 1955, a re-evaluation was done and 10,000 old Yuan = 1 new Yuan.
• The second edition of the Renminbi was introduced in 1955.
• The third edition of the Renminbi was launched in 1962.
• In 1978, the dual-track currency system was implemented.
• From 1987 to 1997, the fourth series of the Renminbi was introduced.
• In the 1990s, the dual-track currency system was done away with.
• In 1999, the fifth and latest series series of Renminbi was introduced.

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