10 Facts about Chinese Money
Facts about Chinese Money present the information about the official currency in China. People call it renminbi. The meaning of the word is people’s currency. The basic unit of renminbi is yuan. But people also use the latter word to call the general currency in China. If you want to know other interesting information about Chinese money, check the below post:
Facts about Chinese Money 1: the code
CNY is the ISO code for renminbi. Actually this code is also used to represent Yuan. CNY stands for Chinese Yuan. When the trade occurs in Hong Kong, the ISO code is CNH. RMB is the abbreviated version of renminbi.
Facts about Chinese Money 2: the sign
When you want to write down the currency of Yuan, you can use the sign ¥. To avoid the confusion between the Chinese yuan and Japanese yen which has the similar symbol, people write CN¥.
Facts about Chinese Money 3: renminbi in China
In the mainland China, the legal tender is renminbi. But it does not apply in Macau and Hong Kong. However, some people sometimes accept renminbi in the both areas. There are several banks in Hong Kong which allow the customers to have renminbi in their accounts.
Facts about Chinese Money 4: who issues renminbi?
People’s Bank of China issues renminbi. It is considered as the monetary authority in the country.
Facts about Chinese Money 5: the most traded currency
Based on the report in 2013, RMB was placed in the eighth place of the most traded currency in the world. It was due to the increased result of internationalization of RMB.
Facts about Chinese Money 6: IMF
There is a report which states that IMF will use Yuan as the reserve currency in 2016.
Facts about Chinese Money 7: the Chinese money during ROC
During the ROC or Republic of China period, there were several types of currencies spreading around China. Yuan was the dominant currency. But people also used silver Yuan, golden Yuan and fabi or legal tender. Get facts about Chinese history here.
Facts about Chinese Money 8: the Chinese money during Communist Part of China
In 1948, the People’s Bank of China issued a unified currency in for Chinese people. Yuan was the denomination of the currency.
Facts about Chinese Money 9: the name
There were different names of the currency issued in 1948. People called it People’s Bank of China Banknotes. In December 1948, people called it New Currency. In January 1949, it was called People’s Bank of China notes. Check China facts here.
Facts about Chinese Money 10: the new name
Since June 1949, the currency of China has been called renminbi or People’s Currency.
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