China only has one currency, the renminbi or yuan. There are capital controls so it isn't fully traded on international markets. It has only been internationally traded since 2015, and I think there were various schemes before that.

Aren't CNY and CNH effectively two different currencies, despite having the same name and being somewhat linked?

I hadn't noticed that. I guess that is how they manage the capital controls. It sounds like they are supposed to be the same internally but that there is a spread. That seems like it could be a weakness.

Perhaps? I can't imagine that either could take the loss of production capacity the way the US has. The global inflation of product prices alone is staggering to consider.