What do you know about China's money?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

It must be said that Chinese paper money appeared when Russia was still pagan. It is believed that such an event took place in 910, and the Celestial Empire in this regard was ahead of Europe by more than 700 years (the first issue in 1661, Stockholm), and the Russian Empire by more than eight centuries (banknotes in Russia were issued in 1769 by order of Catherine II).

The name of money in China is twofold. On the one hand, inside the country they are often called "renminbi" (translated as "what is measured"), on the other hand, in international currency markets they are referred to as Chinese yuan ("yuan" is translated as "unit of measurement") and have a code in CNY classification. The Chinese state has pursued and is pursuing a very successful policy, setting a fixed rate of its money against other world currencies.

For example, in 2004, one dollar in China cost a little more than 8 yuan, which allowed the Celestial Empire to successfully sell its inexpensive goods on foreign markets, including the US (the negative trade balance was more than 180 billion dollars). It causednumerous protests from Europe and the same America. However, China's money in international markets is valued exactly as this powerful eastern power with a rapidly developing economy wants it.

In 2005, by decision of the Chinese government, the yuan ceased to be rigidly pegged to the dollar. In addition, a deliberate strengthening of the currency by a couple of percent was allowed. Since then, about 6.83 yuan has been given for the American currency. Today, Chinese money is valued more than Russian money, but cheaper than European money. For example, for one yuan at the exchange office they will give about 5.5 rubles or about 17 euro cents.

People preparing to visit this eastern country need to know what money is in circulation in China. Today, these are banknotes with denominations of 1, 5, 20 and 10, as well as one hundred and fifty yuan and a one yuan coin. The currency system adopted the decimal method of calculation, so there are banknotes called jiao. One jiao is equal to 1/10 of the yuan. The nominal value of jiao can be one, two or five. In addition, there are fen coins. One fen is equal to 1/10 of one jiao. In walking there is a coin with a face value of five, one and two.

China's money is carefully protected by the laws of this country. In particular, forgery of banknotes is punishable by death by firing squad. But this does not stop those who want to cash in on one of the most powerful currencies in the world. In particular, there was a case when in one of the cities in an apartment next to the mayor's office a printing press was operating, which threw about 101million US dollars in yuan equivalent. The case was very high-profile, and after its completion, exhibitions based on the materials of the process were even held as an edification. Tourists in this country, as well as in Australia and Southeast Asia, where transactions with Chinese currency are widespread, should be very careful when dealing with 100- and 50-yuan bills, because. the risk of getting a fake is quite high. Moreover, money can get to you not only from street vendors, but also from ATMs. The level of fakes is so high.