Chinese yuan - CNY. What kind of currency?

Renminbi is the official monetary unit of China. In a simplified version in Chinese, the name sounds like "people's currency." And cny what kind of currency? This is the yuan, which is the basic unit of the RMB appreciation. In this material, readers will get acquainted with the official currency of the PRC.

History of the yuan. General information

The official currency of the People's Republic of China of the yuan was first struck in 1835. At that time they were made in the form of silver coins. One Chinese yuan includes ten jiao, which in turn is divided into ten fengs. Therefore, for example, the amount of one yuan, two jiao and five feng shui will look like 1.25 cny. What is the currency of the Chinese yuan?

It should be noted that the abbreviation cny is used as a designation of a monetary unit in the international currency classification. In addition, often this currency is denoted by the abbreviation RMB. The monetary unit also has the names "Chinese Yuan" and "Pinyin". The right to issue the Chinese national currency belongs to the People's Bank of China.

Ruble denominations of RMB

The main financial institution of the PRC issues paper denominations of one, five, ten, twenty, fifty and one hundred yuan. In addition, one, two and five feng, one and five jiao coins, as well as one yuan, are also involved in circulation.

Trade in yuan

What is cny today? What is the currency of the yuan and what is its place in the global financial system? For a long time, the exchange rate of the Chinese yuan was tied to the US dollar. But in 2005, the central bank of the PRC allowed the national currency to be cut off from the US dollar. To date, the renminbi exchange rate may vary slightly relative to the fixed base value.

It should be noted that the Chinese monetary policy is greatly influenced by the state monetary policy. This approach does not allow the renminbi to get the status of a fully liquid currency. Nevertheless, the leadership of the PRC is seriously determined to make the Chinese yuan into a full-fledged global reserve currency.

If you want to visit China, it is advisable to take care of purchasing a local currency in advance. In addition, yuan can be bought at the entrance to the country, for example, at the airport. It is not recommended to buy foreign currency from the hands. It will be by the way to say that when you leave China, you can exchange the remaining yuan for the necessary banknotes. And subject to the preservation of trade receipts - return yourself and VAT. CNY in rubles can be translated in a ratio of approximately 1: 8.