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The renminbi (RMB, also known as Chinese yuan; ISO code: CNY) is the official currency of the People's Republic of China. [1] Although it is not a freely convertible currency , and has an official exchange rate , the CNY plays an important role in the world economy and international trade .
For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per USD. During the 1970s it was revalued, until it reached ¥1.50 per USD in 1980. Its value gradually declined as China embarked on a new economic course during Deng Xiaoping's leadership and transformed into a more market-based capitalistic economy. [6] [7]
It introduced notes in denominations of ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 and ¥1,000 yuan. Notes for ¥200, ¥500, ¥5,000 and ¥10,000 followed in 1949, with ¥50,000 notes added in 1950. A total of 62 different designs were issued.
It may not sound like much in US dollars, but a difference of 1,000 yuan is a large amount in a country where the national monthly average wage was 1,838 yuan ($258) last year, according to the NBS.
Meanwhile, the Chinese yuan — which many think is the biggest threat to the dollar — accounted for just 2.37% of reserves in the same period, with a high proportion of that being held by ...
A great many regional banks and other entities issued notes. Before 1942, denominations up to 100 yuan were issued. That year, the first notes up to 1,000 yuan appeared. Notes up to 5,000 yuan appeared in 1943, with 10,000 yuan notes appearing in 1947, 50,000 yuan in 1948 and 100,000 yuan in 1949. [citation needed]
A Guāng Xù Yuán Bǎo (光緒元寶) coin of 10 cash A banknote of 1 chuàn (串, a string of cash coins) or 1000 cash. The wen was one of the chief units of currency in China and was used to denominate both coins and paper money. Other denominations were used, including various weights, based on the tael system, for sycee silver and gold ...
USD/CNY exchange rate 1981–2022. The renminbi ("people's currency") is the currency of China, denominated as the yuan, subdivided into 10 jiao or 100 fen. The renminbi is issued by the People's Bank of China, the monetary authority of China. The ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". As of 2005, the yuan ...