Chinese yuan
Worldwide use:
- China
- North Korea (until Nov 2009)
- Burma (in Kokang and Wa)
- Hong Kong
- Macau
Description:
China's official currency is known as the Renminbi but is often referred to as the Chinese Yuan. Renminbi is the official name given by the Communist People's Republic of China in 1949. "Renminbi" means "The People's currency." The Yuan is a subunit of the Renminbi currency with one Yuan being made up of 10 Jiǎo (角) and a Jiǎo is made up of 10 Fēn (分). Renminbi banknotes come in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50 and ¥100 and coins of ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5 and ¥1.
Chinese people don't often refer to "Renminbi" or "Yuan" and instead use the colloquial name "Kuai" which means "piece." Although not currently used much outside of China, the Renminbi is expected to become a major world currency for trading in the future.
Origin:
Renminbi banknotes were first established in December 1948, roughly one year before the establishment of the People's Republic of China. Initially it was only circulated in notes and replaced multiple currencies that were in use at the time. The government used the new currency to ease the hyperinflation experienced by the country during the Kuomintang period and the currency was re-valued in 1955.
Component units:
- jiǎo (角) (10)
- fēn (分) (100)
Date introduced:
- 1948
Central bank:
- People's Bank of China
Printer:
- China Banknote Printing and Minting (CBPMC; 中国印钞造币总公司)
Mint:
- China Banknote Printing and Minting (CBPMC; 中国印钞造币总公司)