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'People's Currency'; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China. [a] It is the world's 5th most traded currency as of April 2022. [3]
- Yuan vs. Renminbi: An Overview
- Yuan
- Renminbi
- Key Differences
- Special Considerations
- The Bottom Line
Chinese money goes by two names: the Chinese yuan (CNY)and renminbi (RMB), which translates to "People's Currency." The distinction between CNY and RMB is subtle. While RMB is the official currency of China, the yuan is the principal unit of account for that currency. Chinese currency is an important topic, defining the economy of one of the world'...
In Mandarin Chinese, the character yuan is used for round or circular things.This word was also used for the silver Spanish dollars introduced by European merchants in the 17th and 18th centuries. In 1889, China began to mint its own silver yuan coins. Both the Qing Dynasty and early Republican government circulated silver yuan coins and banknotes....
The People’s Bank of China (PBOC)was established during the Chinese Civil War, and issued the first RMB notes in December 1948, about a year before the Chinese Communist Party defeated the Kuomintang government. The currency allowed the new administration to unify the Chinese economy, which was then divided among several regional currencies. It als...
With Beijing looking at the internationalization of its currency, one question continues to perplex many: Does China have two currencies? Does it use CNY, RMB, or both? RMB is the official currency of the People's Republic of China, and means "people's currency" in Mandarin. CNY is a unit of the currency. A popular analogy draws from British curren...
For years, the Chinese yuan was not considered an international currency because of the Chinese government's rigid controls. However, this then began to change as the Chinese government started to promote the international use of the RMB. China uses currency controlsto maintain the value of the Chinese yuan at a favorable level. Every day the PBOC ...
The currency of China is referred to as either the Chinese yuan (CNY) or renminbi (RMB). The two terms are similar and often used interchangeably. The key difference between them is that the RMB is the official currency, while the yuan is its principal unit of measurement.
- Christina Majaski
- 1 min
Jun 21, 2022 · A yuan acts as China's unit of account for its financial system and economy, which represents a single unit of money. The term renminbi, on the other hand, is the official name of the currency...
- Will Kenton
The official name for Chinese currency is Renminbi, which literally translates to People's Currency and is abbreviated to RMB. The most widespread international usage is yuan, which is abbreviated to CNY. You can write either CNY 1,000 or RMB 1,000. The official symbol for the Chinese yuan is ¥.
It is the currency of the People's Republic of China to this day. The term yuan is also used in Taiwan. In 1946, a new currency was introduced for circulation there, replacing the Japanese issued Taiwan yen, the Old Taiwan dollar. It was not directly related to the mainland yuan.
Dec 13, 2023 · In Chinese, renminbi is written 人民币 (rénmínbì in pīnyīn), which means “the people’s money.” Confusingly, however, it’s possible that you may also have heard Chinese money referred to as “yuan” (元 yuán), commonly abbreviated as CNY (“Chinese Yuan”).
Aug 19, 2015 · The renminbi is the official currency of the People’s Republic of China, and translates to “people’s money.” Its international symbol is CNY (or CNH in Hong Kong; but abbreviated RMB, with...
