Check out these 10 Interesting Facts about Chinese Currency, Renminbi (RMB) or the Chinese Yuan. How many of these do you already know?
1. Chinese Currency
Chinese currency is also known as Chinese money, Chinese Yuan (CNY) or Reminbi (RMB). Renminbi literally means “People’s Currency” or “People’s Money” and it is the official currency of the People’s Republic of China. The symbol for Renminbi is ¥.
2. First Paper Money
Chinese people invented the first paper money in the ninth century, but the base unit of currency remained the copper coin. Learn about the Four Great Inventions of the Ancient Chinese
3. First Issued
The People’s Republic of China officially first issued the Renminbi (RMB) in December 1948.
4. The People’s Bank of China
The People’s Bank of China (Zhongguo Renmin Yinhang in Chinese) has exclusive authority to issue and print currency.
5. Image of Mao Zedong
Most of the Chinese Reminbi bills have a picture of Chairman Mao Zedong, and all bills have the text Zhongguo Renmin Yinhang (The People’s Bank of China in English) on them.
6. Image of Other Leaders
Some banknotes also have images of other communist leaders (Mao Zedong is one of them) of China’s communist revolution.
Yuan is known as Kuai. The Yuan comes in paper notes of 1, 2, 5, 10, 50 and 100 yuan notes, and 1 yuan coins.
- 1 Yuan (Kuai) is equal to 10 Jiao (sometimes called Mao).
- 1 Jiao is equal to 10 Fen.
- 1 Yuan is equal to 100 Fen.
8. Exchange Rate
In 1989, the Reminbi had an exchange rate of 13.5 RMB (CNY) to 1 USD (US dollar) on the market. Now, RMB has the current rate as of 6.21 Chinese Yuan to 1 US dollar (June, 2015)
9. Outside of China
Not long ago, people were not allowed to bring a large amount of Chinese Reminbi outside of China.
10. Hong Kong and Macau
Reminbi (RMB) is the legal tender in mainland China, but not in Hong Kong and Macau. The special administrative regions of Hong Kong use the Hong Kong Dollar, and Macau use the Macanese pataca.