China, the world's second largest economy, is also a fairly strong country in international trade. In terms of both trade relations and financial markets, the Chinese currency, the yuan, occupies an important place. In this article, we gathered information about the country's currency, called the Chinese yuan and Renminbi, for you.
Although China was the first country in the world to use paper money, it could not predict how big its value would be globally. So much so that although it is one of the largest economies in the world, it did not use its money in international trade. It later became important, and in 2015, it made several attempts to enter the yuan into reserve currencies. This issue has had great repercussions around the world.
After China surpassed Japan in 2010 and became the world's second largest economy, it has made a lot of effort to make its currency a global power. The International Monetary Fund (IMF) has said that the yuan, the Chinese currency, will be among its reserve currencies at the end of 2015. The yuan, which began to be referred to as ‘elite currencies’ in 2016, entered the same basket as the US Dollar, British pound, Japanese yen and Euro. On October 1, 2016, the Chinese yuan began operating in the basket of Special Drawing Rights (SPR). Its weight in the basket is 10.92.
Let's move on to what needs to be known about the Chinese currency. For some, the Renminbi is the yuan. This issue confuses many people, and they wonder” is the renminbi the same money as the yuan".
it is yuan and its symbol is¥. Its international code is abbreviated as CNY. It is printed by the Central Bank of China and is used in several other Asian countries. The name given to all Chinese coins is renminbi. This word, abbreviated as RMB, means people's money. Although they are confused with Yuan, it is obvious that they are both different from each other. In short, China's currency is the yuan, while the name given to all currencies in the country is the renminbi.
Chinese money has a very long history. It has been in use since 1830 with various series changes. From the 2000s, he began to talk about causing “courtship wars” and brought a big voice with his participation in the SDR basket.
The fact that China is larger than the combined economies of Germany, France and the United Kingdom has raised concerns about the strengthening of the currency. In addition, the fact that China was the first country to use money; but it did not use its money in international trade is an important factor in America becoming a superpower today. If he had used his money in international trade, perhaps the dollar would not be the strongest currency today.
What Is Yuan? Information About The Chinese Yuan
What Is Yuan? The official currency of the Chinese yuan is the yuan. Based on the accepted principle of Accounting “being a measure of money”, the yuan is a unit of measurement for China's tradable values in everyday financial language. For this reason, you can easily see that the yuan is being used in the news. Yuan's name; we know it by the name of the Kingdom of Kublai and 13. It is estimated that Kublai, the grandson of Genghis Khan, who ruled all of China in the century, came from the Yuan Dynasty.
The small currencies used in the people's Republic of China are formed by dividing the yuan. ‘Jiao’ is formed by dividing the yuan by 10. By dividing the Jiao by 10, ‘fen’, which is also considered the smallest currency, appears. In other words, 1 yuan is equal to 10 jiao and 100 fene.
Common currency sizes are:
100 Chinese yuan
50 Chinese yuan
20 Chinese yuan
10 Chinese yuan
5 Chinese yuan
2 Chinese yuan
1 Chinese yuan
By this time, the people's Bank of China has released 5 different print series. The First Edition represents the first renminbi on 1 December 1948. April March 1, 1955, the second edition was released; April 15, 1962, the third edition was released. Paper coins of the first, second and Third Editions are no longer used.
April 25 October 1987, the fourth edition coins, and October 1, 1999, the fifth edition coins were released. In the fifth series coins, unlike the others, there is a portrait of Mao Zedong. Earlier coins featured portraits of various leaders and workers.