Yuan

The yuan is the national currency of the China. Yuan renminbi (元人民币, “currency of the people”) is official name prevailing as a Popular republic of China. The character transcribing yuan is 元; it is about a simplification of 圓, meaning “round object” and from which also the character 円 used for the yens comes.

Official abbreviation ISO-4217 is CNY, of C hi' ese Y uan . Its Latinized symbol is ¥ (even if the use consists in not putting that only one bar on Y (Ұ) in particular in order to avoid any confusion with the symbol of the Japanese currency).

Before 1995, two different currencies were used: Renminbi and Foreign Exchange Currency (FEC). The FEC was exclusively intended for the use from abroad.

  • the basic unit is the yuan . There exist tickets of 1,2,5,10,20,50 and 100 yuans.

  • 10th of yuan is the jiao (角 jiǎo). There exist tickets of 1,2 and 5 jiao, smaller than those of the yuan. The character also means “horn”;
  • Lastly, the 100e of yuan is the fen (分 fēn). The character also means “part”.

In Mandarin, the yuan is generally called kuai (塊/块 kuài), term which is often used as separator between the yuan and the jiao: thus, 1,5 RMB say 一塊五/一块五 (yí kuài wǔ), that is to say “1 kuai 5”; kuài is used besides as Spécificatif of the pieces and the money sums. Always in Chinese Mandarin, the jiao is generally called Mao (毛 máo), term meaning “hair”.

Currently, a yuan is worth approximately 0,091 euro. One euro is equivalent to approximately 10.895 yuans. (at November 29th, 2007)

A quasi-fixed parity (± 0,3%) with the dollar prevailed a long time, it was replaced on July 21st, 2005 by an indexing with a basket of currency where the principal currencies of the planet (always very mainly the dollar) appear and the yuan was devaluated of two pourcents compared to the American dollar. Pressures, emanating in particular from American members of Parliament, want to make the yuan more flexible - without success for the moment.

History

August 1st

See.

Chinese banking system

The Banque of China ( Bank off Clouded ) most important and is most largely established on the territory. It has several agencies in each city. The industrial and commercial Bank of China (ICBC) practically has branches in each city. The other banks are more slightly established, like the Banque Populaire of China, the Agricultural bank of China or the Banque Populaire of construction of China. The Chinese banks are characterized by the importance of their not easily recoverable credits corresponding to loans of support for the old government enterprises.

China started a process of transfer of minority interest in its banks in the Western banks, partly to reinforce their financial position but especially to profit from the technical experiment of these banks and to obtain by these alliances an access to their global area network.

Mode of exchange of China

See also: Mode of Chinese exchange

Parts and banknotes in circulation as a Popular republic of China

Recall: 1 yuan (1 RMB) = 10 jiao (also marked " miao ") and 1 jiao = 10 fen .

There exists in circulation of the parts of:

  • 1 yuan
  • 5 jiao
  • 1 jiao
and more rarely:
  • 5 fen
  • 2 fen
  • 1 fen

There exists in circulation of banknotes of:

  • 100 yuans
  • 50 yuans
  • 20 yuans
  • 10 yuans
  • 5 yuans
  • 2 yuans
  • 1 yuans
  • 5 jiao
  • 2 jiao
  • 1 jiao

The banknotes include/understand mentions in several languages:

  • Chinese written simplified and a romanisation Pinyin not accentuated;
  • Ouïgour (Arabic alphabet);
  • Mongolian (Mongolian Alphabet);
  • Tibetan (Alphabet Tibetan);
  • Zhuang (Latin alphabet);

*** seen tickets ***

The case of Taiwan

Taiwan uses new the dollar of Taiwan ( TWD ). Hong-Kong: the Dollar of Hong-Kong ( HK$ ). Macao also has its own currency, the Pataca ( MOP ), connected to the dollar of Hong-Kong.

Be-X-old: Рэнмінбі

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