Chinese yuan exchange rate
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Chinese yuan exchange rate - chart
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Chinese yuan
The Chinese yuan, or rather the renminbi, is the official currency of the People's Republic of China. According to the ISO 4217 standard, its code is CNY and its symbol is "¥". 1 yuan is divided into 10 jiao, and 1 jiao is in turn divided into 10 fen.
Chinese yuan - what you should know
The formal name of the CNY is renminbi, which translated means "people's currency". However, we most commonly encounter the term 'yuan', which dates back to the time when China was ruled by the Qing dynasty. At that time, the word yuan meant 'round object'. All denominations from 1 yuan to 100 yuan are available in the form of banknotes. There are also parallel coins in the form of 1, 2 and 5 fen, 1 and 5 jiao and 1 yuan. Each banknote depicts the image of Mao Zedong, the Chinese dictator who was in power from 1949 to 1976. The Chinese yuan, in addition to China, is also used unofficially in countries such as Cambodia, Zimbabwe, Nepal and Myanmar. Just as US dollars are often referred to as 'green', it is colloquially accepted to refer to the CNY as 'red'.
The yuan exchange rate is considered to be one of the most stable in the world, thanks to the Chinese central bank, which controls it. This exchange rate is kept artificially low in order to maximise revenue from the export of goods abroad. This is a tactic that definitely sets China apart from foreign economies, as in most cases the exchange rate of a currency is fluid and driven by the markets.
The Chinese yuan - the history of the Middle Kingdom's currency
China's currency has a tradition rooted in ancient times. Around 900 BC, during the Zhou Dynasty, the first copper coins appeared. During the reign of Qin Shi Huang in China (247 BC - 221 BC), it was decided to produce coins made using bronze. The first paper money appeared in China during the Yuan Dynasty (1271-1368). Unfortunately, the lack of coverage in gold and silver, caused the country to experience high inflation very quickly. In 1889, the yuan was introduced, whose value was set at the level of the Mexican peso. For many years, China's currency functioned in chaos. It survived the collapse of the Chinese Empire in 1914, the unstable political situation in the Republic of China (including battles between Communists and Nationalists), and the war battles with Japan. The situation of the CNY was only brought to order in the 1980s when the People's Bank of China was established, which is still responsible for issuing the CNY and managing the reserves held in gold and foreign currencies.
Interesting facts about the Chinese yuan
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The yuan's symbol (¥) is exactly the same as that of the Japanese yen. How are these currencies differentiated? Well, the difference is hidden in the pronunciation
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China is working on the introduction of a digital yuan. This money is intended to have an expiry date, i.e. a period in which it must be spent before it is liquidated. This is intended to have the effect of stimulating demand.
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In Cantonese, used mainly in Hong Kong and Macau, the words yuan, jiao and fen are replaced by mān, hòuh and sīn. The last expression is borrowed from English and means 'cent'.
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