Renminbi
The renminbi (RMB, ¥; code: CNY; also CN¥, 元 and CN元) is the currency of the People's Republic of China. It is the main currency used in mainland China. It is also sometimes accepted in Hong Kong and Macau, and can be easily exchanged in those territories. The currency is issued by the People's Bank of China, the monetary authority of China.[2] Its name means "people's currency" (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì).
| Renminbi | |
|---|---|
| 人民币 (in Chinese) | |
| ISO 4217 Code | CNY |
| Official user(s) |  People's Republic of China
|
| Unofficial user(s) |  North Korea (until Nov 2009)[1] Myanmar (in Kokang and Wa) Hong Kong Macau
|
| Inflation | 1.7%, October 2012 |
| Source | BBC News |
| Method | CPI |
| Pegged with | Partially, to a basket of trade-weighted international currencies |
| Subunit | |
| 1 | yuán (元,圆) |
| 1/10 | jiǎo (角) |
| 1/100 | fēn (分) |
| Symbol | ¥ |
| Nickname | none |
| yuán (元,圆) | kuài (块) |
| jiǎo (角) | máo (毛) |
| Plural | The language(s) of this currency does not have a morphological plural distinction. |
| Coins | |
| Freq. used | ¥0.1, ¥0.5, ¥1 |
| Rarely used | ¥0.01, ¥0.02, ¥0.05 |
| Banknotes | |
| Freq. used | ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 |
| Rarely used | ¥0.1, ¥0.2, ¥0.5, ¥2 |
| Central bank | People's Bank of China |
| Website | www.pbc.gov.cn |
The main unit of renminbi is the yuán (元/圆). One yuan is divided into 10 jiǎo (角). One jiǎo is subdivided into 10 fēn (份). Renminbi banknotes are available in denominations from 1 jiao to 100 yuan (¥0.1–100). Coins have denominations from 1 fen to 1 yuan (¥0.01–1). Therefore, some denominations exist in both coin and banknote form. Coins under ¥0.1 are rarely used.
Currently, only ¥20,000 can be taken in or out of China without declaring it, or telling customs that you have it.
Renminbi Media
USD/CNY exchange rate 1981-2022
China M2 money supply (red) vis-à-vis USA M2 money supply (blue)
The second series of the renminbi had the most readable minority languages text, but no Zhuang text on it. Its issue of ¥0.1–0.5 even highlighted the Mongolian text.
A special edition designed for Inner Mongolia in the first series of the renminbi.
1 US dollar to renminbi, since 1981
On 24 November 2010, Vladimir Putin announced that Russia's bilateral trade with China would be settled in roubles and yuan, instead of US dollars.
Chinese Yuan / Hong Kong Dollar exchange rate
Renminbi promotion at the China-CEEC 2017 summit
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References
- ↑ RMB increases its influence in neighbouring areas. People's Daily. 2004-02-17. http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml. Retrieved 2007-01-13.
- ↑ Article 2, "The People's Bank of China Law of the People's Republic of China". 2003-12-27. Archived from the original on 2007-03-20. Retrieved 2013-07-03.
More reading
- Ansgar Belke, Christian Dreger und Georg Erber: Reduction of Global Trade Imbalances: Does China Have to Revalue Its Currency? In: Weekly Report. 6/2010, Nr. 30, 2010, ISSN 1860-3343, S. 222–229 (PDF-File; DIW Online).
- Heiko Otto (ed.). "Yuan Renminbi - Historical and current banknotes of China (CNY / RMB) 1953-2019" (in English, Deutsch, and français). Retrieved 2019-11-11.
- Heiko Otto (ed.). "Yuan FEC - Foreign Exchange Certificates (FEC) of the People's Republic of China 1980-1994" (in English, Deutsch, and français).