Central Bank Digital Currencies or CBDCs are digital versions of fiat that are issued and regulated by a country's central bank. They are designed to coexist with physical currency but unlike decentralized cryptocurrencies like Bitcoin, CBDCs are backed by a central bank whose value is guaranteed by the bank in order to provide stability and security; in effect allowing central banks to have ultimate control over the asset’s monetary policy such as interest rate changes.
CBDCs can be implemented in a centralized or decentralized system and be designed in account-based or token-based form.
Account-based CBDCs are similar to bank accounts; the central bank maintains records of the balances of all holders whereas Token-based CBDCs are digital tokens that can be transferred between holders.
The e-CNY, is China’s CBDC and is controlled by the People's Bank of China, essentially a centralized digital version of the Renminbi.
The Renminbi is the official currency of China and has a managed floating exchange rate, which means that the value of the currency is determined by market forces, but the central bank can intervene to stabilize the exchange rate.
The e-CNY is designed as an account-based system with the central bank putting strict regulations on the token to prevent money laundering, fraud and illegal activities in general. The Chinese government sees the e-CNY as a way to reduce the country's dependence on foreign payment systems and increase control over its monetary policy and to modernize China's economy.
Since the e-CNY is not offered on any exchange yet we do not have analytics on it right now, however below is a collection of all Renminbi pairs we support on Fusion.
Quoted Pairs in Renminbi
The highest performing Renminbi pair today is Chinese Yuan Renminbi / Japanese Yen (CNHJPY) while the lowest performing pair is Chinese Yuan Renminbi / Thai Baht (CNHTHB) lets analyze these assets.
Price Chart Comparing: CNHJPY / CNHTHB
Around April 2022 CNHJPY price jumped and started to outperform and accumulate comparatively to CNHTHB til today.
Correlation Analysis - BTCUSD / ETHUSD / CNHJPY / CNHTHB
Strong positive correlation at 0.9186 moving in tandem
CHNJPY close at 19.14 with a 1.01 positive change UP 1 day
CHNTHB close at 4.83 with a -0.02 negative change DOWN 2 days
HIstorical Trend Analysis - Aggregated Change in % CNHJPY / CNHTHB
The overall percentage change between CHNJPY & CNHTHB is displaying the difference between the final value and the initial value over the time frame of a year, currently we can identify that this past month has been trading off of lows.
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