The Chinese currency, the Yuan was equivalent to 0.135766 U.S. Dollars at about 0500 hours GMT of 25th December 2007 as per Google search on the world wide web and this is for information purposes only. The Chinese Currency is called Renminbi (RMB or CNY) which means "People's Currency". The Units are Yuan, Jiao (sometimes also called "Mao " ) and Fen with 1 Yuan = 10 Jiao (Mao) and 1 Jiao = 10 Fen.
The paper Chinese currency denominations and types are 100 yuan (new), 100 yuan, 50 yuan (new), 50 yuan, 20 yuan, 10 yuan (new), 10 yuan, 5 yuan (new), 5 yuan, 2 yuan, 1 yuan (new), 1 yuan, 5 Jiao (0.5 yuan), 2 Jiao (0.2 yuan) and 1Jiao (0.1 yuan). Chinese Currency in Coins is 1 yuan, 5 jiao (0.5 yuan), 1 jiao (0.1 yuan) and 5 fen (0.05 yuan), 2 fen (0.02 yuan), 1 fen (0.01 yuan). The renminbi, literally people's currency, is the currency of the mainland of the People's Republic of China (PRC). The renminbi is issued by the People's Bank of China, the monetary authority of the PRC.[ The currency's ISO 4217 abbreviation is CNY, although it is also commonly abbreviated as RMB.
The Latinised symbol is -.
In Chinese currency, a variety of currencies circulated in China during the era of Republic of China, most of which were denominated in the unit "yuan". Each was distinguished by a currency name, such as the fabi (legal tender), the gold yuan, and the silver yuan. The word yuan in Chinese literally means round, after the shape of the coins. The Korean and Japanese currency units, won and yen respectively, are cognates of the yuan and have the same Chinese character, also meaning round in Korean and Japanese. However, they do not have the same names for the subdivisions.
In Chinese currency, Renminbi means "people's currency". As the Communist Party of China took control of ever larger territories in the latter part of the Chinese Civil War, its People's Bank of China began in 1948 to issue a unified currency for use in Communist-controlled territories. Also denominated in yuan, this currency was identified by different names, including "People's Bank of China Bank Notes" (from November 1948), "New Currency" (from December 1948), "People's Bank of China Notes" (from January 1949), "People's Notes" (---, as an abbreviation of the last name), and finally "People's Currency", or "renminbi", from June 1949.
In Chinese currency, the renminbi is convertible on current accounts but not on capital accounts. The goal has been to make the RMB fully convertible. However, partly in response to lessons from the 1998 Asian financial crisis, the People's Republic Account has been concerned that the mainland Chinese financial system would not be able to handle the potential rapid cross border movements of hot money, and as a result, as of 2007, the currency trades within a narrow band specified by the Chinese central government.
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