CNH is the currency abbreviation for China’s official offshore market currency, the Chinese Yuan. It is important to make the distinction between China’s official offshore market currency and CNY, the Chinese Yuan Renminbi that is used for the onshore Mainland China market.
The reason for the distinction between the two currencies stems from China’s strict controls over its capital and FX markets as well as the domestic economy.
The dual currency serves as an aid in keeping the domestic economy intact without affecting international trading.
A very common criticism of the CNH has been the intentional devaluation against the dollar for obvious trading reasons.