In the foreign exchange market, each currency is uniformly represented by three letters. This is actually a set of codes, which is the international standard ISO 4217, developed by the International Organization for Standardization, to represent the name of the currency. At the level of international transactions, ISO codes are convenient for people to use for quotation, inquiry and communication, etc. Global banks and major companies will use this currency code. It is not difficult to find that when banks publish exchange rates for various currencies, they will use codes instead of any translated names or currency symbols.
In the ISO 4217 code rules, the first two letters are actually the ISO 3166-1 country code, and the third letter is usually the first letter of the currency name. The three letters make up the ISO currency code. For example, GBP is composed of the code "GB" representing the United Kingdom and the first letter P of the pound. For example, USD is naturally composed of the code US for the United States and D for the dollar. CNY is composed of the code "CN" for China and Y for the yuan. Less clear is CHF, which is composed of the Swiss country code "CH" and (Franc).
However, the ISO 4217 currency code can also be changed, for example, when a country issues a new currency, carries out currency reform, and changes its currency unit. The Russian ruble was once changed from the code RUR to RUB. In addition, this set of codes also includes non-currency types, which start with X. The most common ones are precious metals, such as gold (XAU), silver (XAG), palladium (XPD) and platinum (XPT), which are actually composed of X and the name of the above metal's "periodic table of chemical elements". XDR stands for the IMF's Special Drawing Rights (SDR).
Please note that there are some commonly used codes in the financial market, but they are not official ISO codes, such as RMB (RMB, abbreviated as Renminbi), CNH (offshore RMB), BTC and XBT (Bitcoin).
All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors and you can lose more than your initial deposit. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.