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"CNY" and "RMB" redirect here. For other uses, see CNY (disambiguation) and RMB (disambiguation).
| Renminbi 人民币 (Chinese) | |
| ISO 4217 Code | CNY |
|---|---|
| User(s) |  People\'s Republic of China (mainland only)
|
| Inflation | 7.1% |
| Source | BBC News, Jan 2008 est. |
| Pegged with | A basket of currencies |
| Subunit | |
| 1/10 | jiao (角) |
| 1/100 | fen (分) |
| Symbol | ¥ |
| Nickname | kuài (块) |
| jiao (角) | máo (毛) |
| Plural | The language(s) of this currency does not have a morphological plural distinction. |
| Coins | |
| Freq. used | 1, 5 jiao, ¥1 |
| Rarely used | 1, 2, 5 fen |
| Banknotes | |
| Freq. used | 1, 5 jiao, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 |
| Rarely used | 2 jiao, ¥2 |
| Central bank | People\'s Bank of China |
| Website | www.pbc.gov.cn |
The renminbi (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally "people\'s currency") is the currency of the mainland of the People\'s Republic of China (PRC).Article 16, The People\'s Bank of China Law of the People\'s Republic of China (2003-12-27).., whose principal unit is the yuan (simplified Chinese: 元 or 圆; traditional Chinese: 圓; pinyin: yuán; Wade-Giles: yüan), subdivided into 10 jiao (角), each of 10 fen (分).
The renminbi is issued by the People\'s Bank of China, the monetary authority of the PRC.Article 2, The People\'s Bank of China Law of the People\'s Republic of China (2003-12-27). The ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". The Latinised symbol is ¥.
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A variety of currencies circulated in China during the Republic of China era, 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 (hanja/kanji) representation, but in different forms (respectively, 원/圓 and 円/圓), also meaning round in Korean and Japanese. However, they do not share the same names for the subdivisions.
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" (traditional Chinese: 中國人民銀行鈔票; simplified Chinese: 中国人民银行钞票; from November 1948), "New Currency" (traditional Chinese: 新幣; simplified Chinese: 新币; from December 1948), "People\'s Bank of China Notes" (traditional Chinese: 中國人民銀行券; simplified Chinese: 中国人民银行券; from January 1949), "People\'s Notes" (人民券, as an abbreviation of the last name), and finally "People\'s Currency", or "renminbi", from June 1949.中华人民共和国第一套人民币概述
The first series of renminbi banknotes was introduced by the People\'s Bank of China in December 1948, about a year before the Chinese Communist Party\'s victory in the Chinese Civil War. It was issued only in paper money form and replaced the various currencies circulating in the areas controlled by the communists. One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang (KMT) era. That achieved, a revaluation occurred in 1955, at the rate of 1 new yuan = 10,000 old yuan.
On December 1, 1948, the newly-founded People\'s Bank of China introduced notes in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. Notes for 200, 500, 5000 and 10,000 yuan followed in 1949, with 50,000 yuan notes added in 1950. A total of 62 different designs were issued. The notes were officially withdrawn on various dates between April 1, 1955 to May 10, 1955.
These first renminbi notes were printed with the words "People\'s Bank of China", "Republic of China", and the denomination, written in Chinese characters by Dong Biwu.[shttp://www.cjiyou.net/html/2007-10/34498.htm 中国最早的一张人民币]
The name "renminbi" was first recorded as an official name in June 1949. After work began in 1950 to design the second series of the renminbi, the previous series were retroactively dubbed the "first series of the renminbi". 中华人民共和国第一套人民币概述
The second series of renminbi banknotes was introduced in 1955. During the era of the command economy, the value of the renminbi was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual track currency system was instituted, with renminbi usable only domestically, and with foreigners forced to use foreign exchange certificates. The unrealistic levels at which exchange rates were pegged led to a strong black market in currency transactions.
In the late 1980s and early 1990s, the PRC worked to make the RMB more convertible. Through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished.
The renminbi is convertible on current accounts but not capital accounts. The ultimate goal has been to make the RMB fully convertible. However, partly in response to the Asian financial crisis in 1998, the PRC 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.
In 1955, aluminium 1, 2 and 5 fen coins were introduced. In 1980, brass 1, 2, and 5 jiao and cupro-nickel 1 yuan coins were added, although the 1 and 2 jiao were only produced until 1981, with the last 5 jiao and 1 yuan issued in 1985. In 1981, a new coinage was introduced, consisting of an aluminium 1 jiao, brass 5 jiao and nickel-clad-steel 1 yuan. Production of the 1 and 2 fen coins ceased in 1991, with production of the 5 fen halting a year later[citation needed]. New designs of the 1 and 5 jiao and 1 yuan were introduced in between 1999 and 2002. The fen and jiao have become increasingly unnecessary as prices have increased. Chinese retailers tend to avoid decimal values (such as ¥9.99), opting instead for integer values of yuan (such as ¥9 or ¥10).Coldness Kwan. "Do you get one fen change at Origus?", China Daily, 2007-03-06. Retrieved on 2007-03-26.
The use of coins varies from place to place. For example, coins are more often used for values less or equal to 1 yuan in Shanghai but banknotes of the lower value are more often used than coins in Beijing[citation needed].
In 1955, notes (dated 1953), were introduced in denominations of 1, 2 and 5 fen, 1, 2 and 5 jiao, and 1, 2, 3, 5 and 10 yuan. Except for the three fen denominations and the 3 yuan, notes in these denominations continue to circulate, with 50 and 100 yuan notes added in 1980.
The denomination of each banknote is given in the Chinese. The numbers themselves are given in financial Chinese numeral characters, as well as Arabic numerals. The denomination and the words "China People\'s Bank" are also given in Yi, Mongol, Tibetan, Uyghur and Zhuang on the back of each banknote. On the front of the note is also the representation of the denomination in Chinese Braille starting from the fourth series.
The second series of renminbi banknotes (the first having been issued for the previous currency) was introduced on March 1, 1955. Each note has the words "People\'s Bank of China" as well as the denomination in the Uyghur, Tibetan, Mongol and Zhuang languages on the back, which has since appeared in each series of renminbi notes. The denominations available in banknotes were ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10.
The third series of renminbi banknotes was introduced on April 15, 1962. For the next two decades, the second and third series banknotes were used concurrently. The denominations were of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10. The third series was phased out during the 1990s and then was recalled completely on July 1, 2000.
The fourth series was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender. Banknotes are available in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50 and ¥100.
In 1999, a new series of renminbi banknotes and coins was progressively introduced. The fifth series consists of banknotes for ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100.
On March 13, 2006, some delegates to an advisory body at the National People\'s Congress proposed to include Sun Yat-sen and Deng Xiaoping on the renminbi banknotes. However, the proposal is a long way from becoming law.Quentin Sommerville (Monday, 13 March 2006). China mulls Mao banknote change. BBC News, Shanghai. Retrieved on 2007-03-18.
The two special administrative regions, Hong Kong and Macau, have their own respective currencies. According to the "one country, two systems" principle and the basic laws of the two territories,The Basic Law of the Hong Kong Special Administrative Region of the People\'s Republic of China (1990-04-04). Retrieved on 2007-03-23. “Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law.”The Basic Law of the Macao Special Administrative Region of the People\'s Republic of China (1993-03-31). Retrieved on 2007-03-23. “Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law.” national laws generally do not apply. Therefore, the Hong Kong dollar and the pataca remain the legal tenders in the two territories, and renminbi, although accepted, is not legal tender.
The RMB is the second most popular currency in Hong Kong and is becoming the principal trading currency in the region."Chinese Renminbi: Strong Currency in Asia", China.org.cn, 2003-03-30. Retrieved on 2007-01-13. "China\'s renminbi goes global", chinagate.com.cn, 2003-07-07. Retrieved on 2007-01-13. Banks in Hong Kong allow people to maintain accounts in RMB."Hong Kong banks to conduct personal renminbi business on trial basis", Hong Kong Monetary Authority, 18 November 2003. Retrieved on 2007-03-22.
The RMB had a presence in Macau even before the 1999 return to the People\'s Republic of China from Portugal. Banks in Macau can issue credit cards based on the renminbi but not loans. Renminbi based credit cards can not be used in Macau\'s casinos."Macao gets green light for RMB services", China Daily, 2004-08-05. Retrieved on 2007-03-22.
The Republic of China government on Taiwan believes wide usage of the renminbi would create an underground economy and undermine its sovereignty."Regular Press Briefing of the Mainland Affairs Council", Mainland Affairs Council, January 5, 2007. Retrieved on 2007-03-21. Tourists are allowed to bring in up to 20,000 renminbi when visiting Taiwan. These renminbi must be converted to the New Taiwan dollar at trial exchange sites in Matsu and Kinmen."CBC head urges immediate liberalization of reminbi conversion", Government Information Office, Taiwan, 12/26/2006. Retrieved on 2007-03-21. Taiwan insists that it will not allow full convertibility until the mainland signs a bilateral foreign exchange settlement agreement."Taiwan prepares to allow renminbi exchange", Financial Times, January 3, 2007. Retrieved on 2007-03-13.
Cambodia and Nepal welcome the renminbi as an official currency and Laos and Myanmar allow it in border provinces. Though unofficial, Vietnam recognizes the exchange of renminbi to đồng."RMB increases its influence in neighbouring areas", People\'s Daily, 2004-02-17. Retrieved on 2007-01-13.
China\'s currency, which for the previous decade had been tightly pegged at 8.2765 yuan to the U.S. dollar, was revalued on July 21, 2005 to 8.11 per U.S. dollar. Following the removal of the peg to the US dollar and pressure from the United States, the People\'s Bank of China also announced that the renminbi would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC has stated that the basket is dominated by the U.S. dollar, euro, Japanese yen and South Korean won, with a smaller proportion made up of the British pound, Thai baht, Russian ruble, Australian dollar, Canadian dollar and Singapore dollar.
As of February 29, 2008 the renminbi traded at 7.1058 yuan per U.S. dollar which is a 16.5% increase since the removal of the peg. There are frequent suggestions that the yuan is undervalued, often on the basis of purchasing power parity analysis (see below). However, some studies suggest that the yuan is not in fact undervalued.Henry C K Liu (2007-02-15). The US as leading currency manipulator. Asia Times. Retrieved on 2007-11-09.
The World Bank estimated (in World Development Indicators 2006) that, by purchasing power parity, one United States dollar was equivalent to approximately ¥1.9 in 2004.
The International Monetary Fund estimated (in World Economic Outlook Database, April 2007) that, by purchasing power parity, one United States dollar was equivalent to approximately ¥2.021 in 2004, ¥2.047 in 2005, ¥2.062 in 2006, and is expected to be equivalent to approximately ¥2.095 in 2007.
Current CNY exchange rates
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| Currencies of China | |
|---|---|
| Overview | Chinese currency · Chinese coins |
| Ancient and medieval | Knife money · Flying cash · Jiaozi · Huizi |
| Near modern | Wen · Candareen (fēn) · Mace (qián) · Tael (liǎng) |
| Republic of China | Yuan · Customs gold unit · OT$ (yuan) · NT$ (yuan) |
| Renminbi series | 1st · 2nd · 3rd · 4th · 5th |
| Special administrative regions | Hong Kong dollar · Macanese pataca |
| Currencies of Asia | |
|---|---|
| Central | Afghan afghani · Kazakhstani tenge · Kyrgyzstani som · Mongolian tögrög · Russian ruble · Tajikistani somoni · Turkmenistani manat · Uzbekistani som |
| East | Chinese yuan · Hong Kong dollar · Japanese yen · Macanese pataca · North Korean won · New Taiwan dollar · South Korean won |
| South-East | Brunei dollar · Cambodian riel · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanma kyat · Philippine peso · Singapore dollar · Thai baht · U.S. dollar (East Timor) · Vietnamese đồng |
| South | Bangladeshi taka · Bhutanese ngultrum · Indian rupee · Maldivian rufiyaa · Nepalese rupee · Pakistani rupee · Sri Lankan rupee |
| West | Armenian dram · Azerbaijani manat · Bahraini dinar · Euro (Cyprus) · Georgian lari · Iranian rial · Iraqi dinar · Israeli new sheqel · Jordanian dinar · Kuwaiti dinar · Lebanese pound · Omani rial · Qatari riyal · Saudi riyal · Syrian pound · Turkish new lira · UAE dirham · Yemeni rial |
