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A yuan (Chinese: 圓/元; pinyin: yuán) is also known colloquially as a kuai (simplified Chinese: 块; traditional Chinese: 塊; pinyin: kuài; lit. 'lump'; originally a lump of silver). One yuan is divided into 10 jiao (Chinese: 角; pinyin: jiǎo; lit. 'corner') or colloquially mao (Chinese: 毛; pinyin: máo; lit. 'feather').
'People's Currency'; symbol: ¥; ISO code: CNY; abbreviation: RMB), also known as the Chinese Yuan, is the official currency of the People's Republic of China. [ a ] The renminbi is issued by the People's Bank of China, the monetary authority of China. [ 3 ] . It is the world's fifth-most-traded currency as of April 2022. [ 4 ]
- Yuan v Renminbi: An Overview
- Yuan (CN
- Renminbi (RM
- Key Differences
- Special Considerations
- How Many Renminbi Are There In a Dollar?
- How Much Is One Chinese Yuan Worth?
- How Do You Buy Digital Yuan?
- The Bottom Line
Chinese currency is a hot topic these days for many reasons. Not only does it define the state of one of the world's biggest economic superpowers, but it is also central to one of the most debated issues involving China today—its perceived mercantilist policy of artificial undervaluation of its currency against the U.S. dollar to give its exports an unfair price advantage.
Chinese money comes by two names: the
and the people's renminbi (RMB). The distinction is subtle: while the renminbi is the official currency of China, the yuan is the principal unit of account for that currency.
The Chinese Yuan (CNY) and Renminbi (RMB) are interchangeable terms for China's currency.
The Renminbi (RMB) is the official name of China's currency. The principal unit of RMB is called the Chinese Yuan (CNY).
abbreviation for China's currency. CNH is sometimes used as an unofficial abbreviation for the price of yuan in offshore markets.
In Mandarin Chinese, the character
is used for round or circular things. This word was also used for the silver Spanish dollars introduced by European merchants in the seventeenth and eighteenth centuries.
In 1889, China began to mint its own silver yuan coins. Both the Qing Dynasty and early Republican government circulated silver yuan coins and banknotes. Today, the traditional character for
is also used in the currencies of several Chinese-speaking regions, such as the
In order to distinguish between the mainland currency with other uses of the word, the modern-day Chinese Yuan uses the abbreviation CNY. Forex brokers, for example, will quote prices with the ticker CNY.
The largest banknote is 100 yuan, followed by 50 yuan, 20 yuan, 10 yuan, 5 yuan, and 1 yuan. One yuan can be further divided into
During the Chinese Civil War, the communist party established the
and issued the first renminbi notes in December 1948, about a year before it defeated the Kuomintang government.
The new currency allowed the new administration to unify the Chinese economy, which was then divided among several regional currencies. It also distinguished the new administration from the previous government, whose policies had led to high levels of
In 1955, the RMB was revalued at a rate of 10,000 to one, meaning that each yuan in the new series replaced 10,000 old yuan.
With Beijing looking at the internationalization of its currency, one question continues to perplex many: Does China have two currencies? Does it use the yuan (¥), the renminbi (RMB), or both?
Renminbi is the official currency of the People's Republic of China, and means "people's currency" in Mandarin. A yuan is a unit of the currency. A popular analogy draws from the British pound sterling vs. the pound: renminbi is the name of China's currency, just as
is the currency of Great Britain. A unit of renminbi is a yuan, just as the pound is the basic unit of sterling.
Renminbi and yuan are often used interchangeably. When shopping in China, a storekeeper might also express prices in terms of
which translates into "pieces," and is similar to how Americans use "bucks" to mean dollars.
CNY is the official currency abbreviation for the Chinese Yuan under the
For years, the Chinese Yuan had never been close to being considered an international currency because of the Chinese government's rigid
However, this then began to change as the Chinese government started to promote the international use of the RMB.
to maintain the value of the Chinese Yuan at a favorable level. Every day the PBOC sets a midpoint value against the U.S. dollar, based on previous trading sessions and movements in international currency markets. The price of the yuan is allowed to trade within 2% of that price. At times, the midpoint may also be adjusted based on undefined "counter-cyclical" factors.
Some economists believe that these controls keep the yuan artificially devalued in order to make the country's exports more attractive. In the summer of 2018, the IMF reported that the Chinese Yuan was in line with fundamentals, only to then witness the yuan reach a 13-month low in response to an escalating tariff war with the United States.
One dollar is worth 6.719 yuan renminbi as of July 5, 2022.
One Chinese yuan is worth 14.9 U.S. cents, as of July 5, 2022.
The digital yuan, or e-CNY, is only available to users of certain banks in certain Chinese cities. As of April of 2022, the digital yuan app is available in 23 Chinese cities, and the digital yuan can be purchased through seven Chinese banks, as well as the online payment services WeChat and Alipay. In addition, only Chinese citizens can purchase d...
The growth of the Chinese currency is often a roller coaster. China has increased its attempts to back its currency, including promoting free usage of the renminbi. Whether you know it as a yuan or renminbi, what matters is that the currency from China remains a central part of the world economy.
Yuan vs. Renminbi: What's the Difference?
What Is a Currency Crisis?
Why Is South Korea So Important to Bitcoin Prices?
- Christina Majaski
- 1 min
Mar 1, 2019 · Literally translated as "the people's currency" the renminbi (RMB) has been the currency of China for over 50 years. It is also known as the Chinese yuan (CNY) and by the symbol '¥'.
- Lisa Chiu
The Renminbi Yuán was introduced as the official national currency in China in 1949. Since November 2015, the renminbi yuán has been one of the world's reserve currencies, along with the euro, U.S. dollar, yen and British pound.
Main articles: Borders of China, Coastline of China, and Territorial changes of the People's Republic of China. China is the third-largestcountry in the world by land area after Russia, and the third- or fourth-largest country in the world by total area.
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Sep 6, 2024 · Renminbi, monetary unit of China. One renminbi (yuan) is divided into 100 fen or 10 jiao, and banknotes are issued in denominations from 1 fen to 100 renminbi. In 2016 the renminbi became a reserve currency of the International Monetary Fund (IMF). Learn more about the currency.
