2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Renminbi is the official currency of China. In a simplified version in Chinese, the name sounds like "people's currency". What is cny currency? This is the yuan, which is the basic unit of the Renminbi. In this material, readers will get acquainted with the official currency of the PRC.
History of the yuan. General information
The official currency of the People's Republic of China, the yuan was first minted in 1835. At that time they were made in the form of silver coins. One Chinese yuan is divided into ten jiao, which in turn is subdivided into ten fen. Therefore, for example, the amount of one yuan, two jiao and five fen will look like 1.25 cny. What is the currency of the Chinese Yuan?
It should be noted that the abbreviation cny is used as a currency in the international currency classification. In addition, this currency is often denoted by the abbreviation RMB. The monetary unit also has the names "Chinese yuan" and "pinyin". The right to issue Chinese national currency belongs to the People's Bank of China.
Chinese yuan denominations
China's main financial institution issues paper notes in denominations of one, five, ten, twenty, fifty and one hundred yuan. In addition, coins are also in circulation.denominations of one, two and five fen, one and five jiao, and one yuan.
RMB trading
What is cny today? What is the yuan currency and what is its place in the global financial system? For a long time, the Chinese currency yuan was pegged to the US dollar. But in 2005, China's central bank allowed the national currency to decouple from the US dollar. To date, the yuan exchange rate may vary slightly relative to the fixed base value.
It should be noted that the Chinese currency is greatly influenced by the state monetary policy. This approach does not allow the yuan to get the status of a fully liquid currency. Nevertheless, the Chinese leadership is serious about turning the Chinese yuan into a full-fledged world reserve currency.
Wishing to visit China, it is advisable to take care of purchasing local currency in advance. In addition, yuan can be bought at the entrance to the country, for example at the airport. It is not recommended to buy currency from your hands on the street. It would be nice to say that when leaving China, you can exchange the remaining yuan for the necessary banknotes. And subject to the preservation of sales receipts - to return the VAT. CNY can be converted to rubles in a ratio of approximately 1:8.
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