Friday, 30 March 2012

Chinese Currency

Chinese Currency
The Renminbi (Chinese: 人民币) is the official currency of the People's Republic of China (PRC). It is the legal tender in mainland China, but not in Hong Kong and Macau. It is abbreviated as RMB, and the units for the Renminbi are the Yuan (元), Jiao (角), and Fen (分): 1 Yuan = 10 Jiao = 100 Fen. Fen have almost disappeared, so the coins in circulation are one yuan, five jiao, and one jiao. Banknotes range from one jiao to one hundred yuan, and vary both in size and colour. The distinction between the Renminbi and the Yuan is similar to the distinction between the British Sterling and Pound. Renminbi refers to the whole Chinese money system whereas Yuan is the base unit of Renminbi. Yuan is used to denominate bills, and is the unit in which prices are measured.

Hong Kong and Macau have their own monetary policies and currencies, the Hong Kong dollar and the Macanese pataca, respectively, that may not necessarily be compatible with the renminbi.

Currency of some type has been used in China since the New Stone Age. The Chinese also invented paper money in the 9th century.
Chinese Currency
 Chinese Currency
 Chinese Currency
 Chinese Currency
 Chinese Currency
 Chinese Currency
 Chinese Currency
 Chinese Currency
Chinese Currency
Chinese Currency
 
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