Chinese Renminbi or Yuan is official Currency of Republic of ChinaÂ
China has a colorful lineage of currency and coinage .Sea Shells were used as currency in Ancient and Medieval China .Shells than on changed its form but not shape .Successive ruler and different Chinese dynasties developed this form of currency by minting it, with metals used were copper , bronze and silver It gained prominence due to its high worth as was seen during imperial rules .China was the Country which Invented paper . Early 7th century till about 15th Century AD saw the use of paper currency in form of notes .Thus China is considered to be birth place of paper currency
Â In 1889 Yuan got introduced to replace Mexican Paso which was than popular currency in China As Paso was made of silver and of higher worth. Yuan had its division in form of wan and one Yuan was equal to 1000 wan. Yuan enjoyed its status as the official currency of CHINA till 1949, and than the communist party came in. Countermeasure to control inflation were undertaken and as a part of it renminbi was official introduced as Chinese currency
Forms of Renminbi
Chinese Renmimbi or Yuan is official Currency of Republic of China .Renminbi means people’s money and Yuan means round object .Yuan is unit of Renminbi, Jiao and fan are further divisions unit of Yuan. Symbol for Yuan in Chinese language is ”å…ƒ”. But in Latin version Yen shares the same symbol with Japanese Yen “Â¥”.Some regions of china identify yen as Kauai which means lump of silver and Jiao as Mao, which means feather in local language. Cantonese is a widely spoken language in china and Hong Kong & Macau. Kauai, fen, and Jiao are called mÄn , sin and hou n. Sin is a word which has its origin in English currency cent.Â
Importance o Chinese Currency in economy
ISO 4217 code for Chinese renmimbi is CHY and 156.RMB is also common abbreviated form of Renmimbi. Chinese currency is very important aspect of World economy as it is the currency of largest and fastest developing economy. This currency was officially adopted by nationalist party after coming into government in 1949.in Earlier days renminbi was considered in comparison with dollar, but gaining a sustained increase in world economy now it is compared to group of currencies i.e USD, Euro, Japan Yen ,Korean won, British pound, Thai baht, Russian Ruble, AUD ,Canada dollar, Singapore DollarÂ
Peoples Bank of China is responsible for printing and minting as well as distribution of notes and coins .It also authorizes local mines to mint coins for local usage and also it owns specialized
Â mints to produce coins of distinct alloys and which mints collector’coins
Fen comes in denomination of One, Two and Fives, Jiao are available in one and five value and Yuan is only seen in One Yuan coin.
this denominations are also duplicated in notes .Chinese currency’s distinctive feature is that all the denominations are also available in form of paper currency i.e. in form of notes .Although popularity of using fen notes is at decline .Notes are l available in n denominations of One ,Two and Fives in Jiao & in Yuan ,1,2,5,10,20,50 &100 .China faces a serious problem of counterfeiting money specially fake 50 and 100 Yuan notes are in circulation in grey marketÂ
One Yuan =10 Jiao,
Â Thus I Yuan =100fen
Chinese Lunar CoinsÂ
1979 onwards china started minting modern coins and 1981 saw Chinese new year new coins .The front of this coins features buildings mostly heritage and historical and reverse side depicts animals of lunar Chinese calendar witch are copied from famous Chinese paintings or artifacts 1981 starting from picture of rooster beg gaining of Chinese lunar zodiac till1992 ending of Chinese lunar calendar at monkey and from 1993 again following the similar sequenceÂ
Usage of currency
Republic of China itself is a big country which has adopted its national currency as renmimbi thus usage of renminbi is more in China .Surprisingly it is not accepted in honking and Macau as legal currency .This countries have their own currencies .So Hong Kong Dollar and Macau Pataca are their legal currencies but renmimbi is accepted illegally .although it s common for Hong Kong banks to allow its patron to maintain account in renmimbi. Another Salient feature of Macau Bank is that they can issue credit cards in renmimbi but cannot give out loans and gamblers should avoid using renmimbi card as they will not be accepted in Macau casinos .Tourist entering Taiwan in China can only carry 20,000renmimbis which have to be converted in Taiwanese currency which is new Taiwan dollars.
Bordering countries of china, such as Mongolia ,Pakistan and Thailand, as well as parts of Cambodia Myanmar and Laos welcome renmimbi as a alternative currency .Vietnam illegally recognizes this currency and gives it equal value to its own official currency dong .
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