Monetary unit of the People's Republic of China. Chinese yuan history and types of modern banknotes
In China, a country whose inhabitants were among the first in the world to use banknotes, the single currency in its modern form appeared only in 1948. It was then that the People's Bank of China was established, which received the exclusive right to issue money (issue).
The Chinese yuan (元) - (translated as "round coin" or "circle") is the official currency of China. And within the country itself, it is called not the yuan, but the renminbi (from the word Renminbi - people's money). The letter code of the currency is CNY, the numeric code is 156, the symbolic sign is ¥. Small change: jiao, which are divided into fen. One yuan is equal to 10 jiao (角) or 100 fen (分)
A bit of history
Yuan was first issued in the form of silver coins in 1835, but before the People's Bank of China was established in 1948, China did not have a single state currency, and used as means of payment:
- liang, which was equal to 10 mao or 100 fins;
- gold bars for large payments;
- in rural areas, small coins - qian and cache;
- a huge amount of money from other states was in circulation within the country;
- each province issued its own banknotes and coins;
- From 1938 to 1943, due to the occupation of part of the territory by Japanese troops, Japanese military yens were in circulation.
The United States often accuses the Chinese of undervaluing the national currency, in connection with which they enjoy significant advantages in foreign trade. Global retail chains and manufacturing enterprises are much cheaper to pay directly to Chinese suppliers and manufacturers in yuan than in dollar terms.
And in terms of investment, the Chinese economy is considered one of the most interesting. So in a couple of decades, this country overtook Japan in terms of gross domestic product, coming in second place after the United States. Moreover, not a single economist in the world has information about the exact monetary value of China's GDP.
There is an opinion that the Chinese currency is undervalued by about two times, since the real and official exchange rates have a significant spread: the total figures have a discrepancy of more than 10 trillion. dollars. If the Chinese leadership nevertheless decides to liberalize the country's economy, in particular, exchange rates, an excellent prospect for a tremendous increase in profits will open up.
Chinese money exchange rate
The cost of the first "people's money", issued centrally by the People's Bank of China, was equated to gold, 1 yuan was equal to - 0.22217 grams of pure gold. The final replacement of the currency with occurred in 1952, and in Tibet in 1959.
So for one year 1948, the price of the currency increased five times, at the beginning of the year, 1 yuan was equal to 4 US dollars, and by the end of the year 20 US dollars.
Since 1994, the exchange rate of Chinese money has been fixed in relation to the dollar and amounted to 8.27 yuan per dollar. Since 2005, the Chinese have abandoned the peg of their currency to the dollar, and its rate has appreciated by 2%. On October 25, 2016, one yuan is equal to:
- 9.19 Russian rubles;
- $0.15;
As can be seen in the chart provided by the Yandex quote service, compiled on the basis of data from the Central Bank of Russia, the dynamics of the yuan exchange rate against the ruble tended to increase from 2012 to 2015, then there was a decline and rise again, today (October 2016) the ruble is strengthening its position against the Chinese currency.
In July 2016, the Central Bank of Russia included Chinese money among its reserve currencies, and since October 1, 2016, the yuan has been included in the reserve currency basket of the International Monetary Fund (IMF). Coincidence or pattern, but it happened on the day when the inhabitants of the Celestial Empire celebrate the anniversary of the People's Bank of China.
Banknotes and coins in circulation
There are banknotes in circulation (shown in the figures below, view from the front and reverse side) dignity:
¥100 (as shown in 2005 issue)
¥50
¥20
¥10
¥5
¥2 (very rare banknote, pictured in 1990)
¥1 (pictured in 2001)
Coins in circulation: 1,2,5 fen, 1 and 5 jiao, 1 yuan.
On banknotes of 2005 issue - the image of the state and political leader of China Mao Zedong, also depending on the denomination, the image of flowers: lotus, chrysanthemum, rose, narcissus, orchid. On the reverse side are landscapes of the People's Republic of China. There are also banknotes from the 70s, 80s and 90s of release.
All banknotes have inscriptions in four - Mongolian, Tibetan, Zhuang, Uighur - the official languages that operate in the provinces of China.
CNY is the official currency of the People's Republic of China. It should be borne in mind that the word "yuan" (translated into Russian - "circle" or "round coin") is used exclusively abroad. The internal name of the currency is renminbi or, as is customary in Latin spelling, Renminbi, which translates as "people's money". Bank code - CNY. 1 yuan is equal to 10 jiao or 100 fen. Banknote denominations: 100, 50, 20, 10, 5, 2 (rare) and 1 yuan, as well as 5, 2 and 1 jiao. Coins: 1 yuan, 5, 2 and 1 jiao.
Traditionally, on the front side of banknotes there is a portrait of Mao Zedong and flowers. Moreover, a Japanese plum is added to the portrait of the leader for 100 yuan, a chrysanthemum for 50, a lotus for 20, a rose for 10, a narcissus for 5 and an orchid for 1 yuan. The reverse side is decorated with Chinese landscapes. The coins of the last series contain on the front side the name of the bank and the year of issue, on the reverse side on 1 yuan - the inscription RMB (three times; the coin is made of nickel covered with steel), on 5 jiao - the image of a reed (made of copper covered with steel). Coin 1 jiao - smooth, made of aluminum alloy. Other denominations have not been issued since the end of the last century.
Despite the fact that China is considered one of the first countries in the world to use banknotes (coins appeared in the 7th century BC, banknotes in the 8th century AD, and paper was invented there around 100 AD .), money in its modern form has its history there only since 1948. It was then that the People's Bank of China was created, which received the exclusive right to issue. Prior to that, since 1835, a Chinese liang was issued, equal to 10 mao and 100 fins. Small gold bars were used for large payments. In rural areas, smaller coins were in circulation: qian and cache. In addition, throughout China, there was a huge amount of foreign money in circulation.
The first attempt to unify the monetary system was made in 1933, but it was not successful: as before, each province issued its own coins and banknotes. In addition, part of the territory was occupied, and Japanese military yen was in circulation there from 1938 to 1943.
Until 1935, the yuan was pegged to the silver standard, and after - to the gold one. At the same time, as a result of the monetary reform, the previously issued money was replaced by banknotes. Their excessive issue led to hyperinflation: in 1936, 1 US dollar corresponded to 3.36 yuan, and in 1946 - 3,350. The outbreak of the revolution completely brought down the national currency.
On January 1, 1948, the People's Bank of China issued the first "people's money", setting the gold content of the yuan at 0.22217 grams of pure gold. The exchange rate of old banknotes was 3 million for 1 yuan. Moreover, the reform was carried out not at a time, but as the provinces were united by the communists. Finally, local banknotes were replaced by a single currency only by 1952, and in Tibet - by 1959.
In the very first year, the authorities had to devalue the national currency several times: initially, 1 US dollar cost 4 yuan, by the end of 1948 it was already 20. new at the rate of 10,000:1.
The Chinese Yuan is not a freely convertible currency. Until 1974, its official rate was set by the People's Bank in relation to the British pound sterling and the Hong Kong dollar, later - to the US dollar and a basket of world currencies. Moreover, the official exchange rate did not always and not fully reflect economic trends: since 1994, it has been fixed at 8.27 yuan per dollar.
A certain easing in monetary policy occurred only in 2005, when the Chinese authorities carried out a revaluation of the yuan, raising its value by 2%. By 2008, the yuan appreciated by more than 20% to 6.82 yuan per US dollar. Nevertheless, even today, the PRC continues to enjoy certain foreign trade advantages, which are based on the undervalued exchange rate of the national currency. For the summer of 2011, the official exchange rate is 6.46 yuan per dollar.
In terms of investment, China is one of the most interesting countries. In two decades, the PRC has made a huge leap forward, advancing to the second place in the world in terms of gross domestic product after the United States, overtaking Japan and other developed countries. Moreover, among economists there is no consensus on how much China's GDP actually is. It is generally accepted that the national currency is underestimated by about two times, and due to the discrepancy between the official exchange rate and the real one, it is difficult to bring production data to a single indicator with other countries: figures vary from more than $5 trillion to more than $10 trillion. At the same time, thanks to this situation, China has a stable positive trade balance.
At the same time, it is assumed that sooner or later the Chinese leadership will liberalize the economy and exchange rates. And then the prospect for making a profit due to the growth in the value of the currency may open up.
As for the exchange of cash currency in the PRC, foreign citizens can exchange it for yuan freely in banks and specialized exchange offices. Moreover, if you need to make a reverse exchange - change the remaining yuan for another currency upon departure, then you must save a certificate of exchange.
Yuan is the monetary unit of the People's Republic of China. The word is used exclusively outside of China; translated as "circle" ("round coin").
In the Celestial Empire, the lexeme “zhenminbi” (Renminbi) appears, which literally should be understood as “people's money”.
The international designation is CNY.
The yuan icon is a Latin letter Y with two cross bars. The original name is Yen sign, the code is U+00A5. There is an incorrect assertion that a letter with one stroke is used for the yuan, and a two-stroke for the yen.
All about the currency Chinese yuan: banknotes and coins
1 yuan = 10 jiao = 100 fen.
Feni - about the same as a penny. This word is translated as “one hundredth”, “one tenth”, “divide”, “split”, “separate”, “distinguish”, “minute”, “point”.
Banknotes:
- 1, 2 (very rare), 5, 10, 20, 50 and 100 yuan;
- 1, 2 and 5 chiao.
coins:
- 1 yuan;
- 1 and 5 jiao (also called in colloquial speech"mao");
- 1, 2 and 5 fans.
What does the yuan look like
Now in China, banknotes of the fifth series, printed after 1999, are considered the main banknotes.
On the front side (obverse) there is a portrait of Mao Zedong and flowers, on the other side there is a landscape.
- 1 yuan - 130 × 63 mm; olive-colored banknote; printed orchid and Xihu Lake;
- 5 yuan - 135 × 63 mm; purple bill; narcissus and Mount Taishan;
- 10 yuan - 140 × 70 mm; blue banknote; rose and 3 rapids of the Yangtze River;
- 20 yuan - 145 × 70 mm; bill in brown tones; a lotus is printed, on the reverse side - a landscape of the urban district of Guilin in southern China;
- 50 yuan - 150 × 70 mm; green banknote; chrysanthemum and the Potala Palace (the former residence of the Dalai Lama in the Tibet Autonomous Region of China);
- 100 yuan - 155 × 77 mm; red banknote; on the front side is a Japanese plum, on the other side is the People's Convention Center in Beijing.
1 yuan in the photo: banknote and coins.
Below are photos of yuan of other denominations.
On coins new series the denomination and year of minting are indicated (in Arabic numerals), the name of the bank is listed. Coins are minted from different materials: the smallest coins of 1, 2 and 5 fen are made of aluminum. 1 yuan - from nickel-plated steel. 1 jiao - nickel-plated steel or aluminum alloy, 5 jiao - brass or brass-plated nickel (depending on the year of minting).
How to distinguish real yuan from a fake
You should run your finger through Mao Zedong's hair: on banknotes of large denominations, they are embossed.
Watermarks on real yuan are clear and have strictly defined borders.
It is worth looking at the denomination of the banknote at an angle, tilting the bill: a blue halo should be visible around the ornament.
You can use a keychain detector and shine it on money: real ones contain special threads that glow in ultraviolet light.
A bit of history
It is believed that money appeared in China (coins - from the 7th century BC, and banknotes - from the 8th century AD, when paper was invented in the Celestial Empire).
Chinese liang and money from other countries were in use. Silver bars were used as currency, the weight of which was measured in lyans. Liang is still used in China as a unit of weight (50 grams).
Since 1935, yuan and liang made of silver have been banned in China, and private ownership of this metal has been abolished; also stopped issuing local currencies.
- department 514/313 (Airport Minsk street, sector 2);
- exchange offices 527/12 and 527/360 (Privokzalnaya Square, 5);
- exchange office 527/24 (Independence Avenue, 3-2);
- exchange office 500/5 (Independence Avenue, 11/1);
- exchange office 510/11 (Internatsionalnaya st., 28).
offered yuan to the CBU not far from railway station(Bobruyskaya St., 15) and at the exchange office No. 5 (Partizansky Prospekt, 6A).
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The Renmenbi (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally "people's money") is the currency of the People's Republic of China (PRC), whose main unit is the yuan (simplified Chinese: 元 or 圆; traditional Chinese: 圓; pinyin : yuán; Wade-Giles: yüan), subdivided into jiao (角), each of which consists of 10 fen (分).
The Renmenbi is issued by the People's Bank of China, the monetary authority of the PRC. The ISO 4217 designation is CNY, although "RMB" is often used. The romanized symbol is ¥.
Etymology
During the Republican period, many variants of the currency circulated in China, most of which was calculated in "yuan". They were divided by name - fabi (legal tender), "golden yuan", "silver yuan". The word "yuan" literally means "round" - from the shape of the coins. The Korean and Japanese currencies, respectively, the won and the yen are relatives of the yuan and are denoted by the same Chinese sign (hanya / kanyi), albeit in different forms(원/圓 and 円/圓). In Korean and Japanese, these words mean "round". The names of the smaller units are different.
Renmenbi means "people's money". When the Chinese Communist Party seized vast territories at the end of the civil war, the People's Bank of China began issuing a single currency in 1948 for use in those territories. The denomination of this currency is in yuan, but it is known by several names, including "Banknotes of the People's Bank of China" (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), "Notes of the People's Bank of China" (traditional Chinese: 中國人民銀行券; simplified Chinese: 中国人民银行券; from January 1949), "People's banknotes" ( 人民券 - an abbreviation) and finally "people's money" or "renminbi" from June 1949.
First series, 1948-1955
The first series of renmenbi was issued by the People's Bank of China in December 1948, about a year after the Communist Party's victory in civil war. They existed only in the form of paper money and replaced the various monetary units that were in circulation in the areas subject to the communists. One of the first tasks of the new government was the task of combating the hyperinflation that hit China in last years Kuomintang era. In 1955 there was a revaluation. One new yuan was now equal to 10,000 old ones.
Banknotes
On December 1, 1948, the newly founded People's Bank of China issued banknotes in denominations of 1, 5, 10, 20, 50, 100, and 1,000 yuan. Banknotes of 200, 500, 5000 and 10,000 yuan appeared in 1949, and in 1950 - 50,000 yuan. 62 designs were used. Banknotes were officially abolished between April 1, 1955 and May 10, 1955.
The first banknotes had the words "People's Bank of China", "Republic of China" and the denomination written in Chinese characters by Dong Biwu's hand.
The name "renmenbi" as an official name was first recorded in June 1949. After the development of a new series began in 1950, the old banknotes were belatedly called the "first series of renmenbi".
Second renminbi yuan, 1955 - present
The second series of banknotes appeared in 1955. During the period of the administrative-command system, unrealistic rates of the renmenbi were set against the Western currency and the most severe exchange rules were used. With the opening of the Chinese economy in 1978, a dual currency system appeared - the renmenbi was used only within the country, and there were certificates for trading with foreigners. The unrealistic exchange rate has created a black market.
In the late 1980s and early 1990s, the PRC worked to make the Renmenbi a convertible currency. With the help of exchange centers, it was possible to bring the exchange rate to a realistic level and get rid of the double system.
Renmenbi are suitable for current accounts, but not for the movement of capital. The challenge is to make this currency fully convertible. But, due in part to the 1998 Asian financial crisis, the PRC is not confident that the financial system will be able to withstand the rapid movement of "hot money" abroad. As a result, in 2007 the Chinese government allowed foreign exchange transactions to a limited extent.
coins
In 1955, aluminum coins of 1, 2 and 5 fen appeared. In 1980, brass coins of 1, 2 and 5 jiao and cupro-nickel coins of 1 yuan were added to them. Coins of 1 and 2 jiao survived only until 1981, and coins of 5 jiao and 1 yuan - until 1985. In 1981, new coins appeared - aluminum 1 jiao coins, brass 5 jiao and nickel-plated steel 1 yuan coins. The minting of the 1 and 2 fen coins ceased in 1991, and the 5 fen coins a year later. New coins of 1 and 5 jiao and 1 yuan appeared in 1999-2002. The hair dryer and chiao are practically not needed because the prices have gone up. Chinese merchants avoid fractional prices (for example, ¥9.99), preferring whole prices (9 or 10 yuan).
Coins are used in different ways in different places. For example, in Shanghai and Shenzhen, coins are more commonly used for goods cheaper than 1 yuan, while in Beijing and Xi'an, banknotes are more common.
Banknotes
In 1955, banknotes of 1, 2 and 5 fen, 1, 2 and 5 jiao, 1, 2, 3, 5 and 10 yuan appeared (they bore the date 1953). These denominations, with the exception of the fen and 3 yuan, continue to circulate. In 1980, banknotes of 50 and 100 yuan were added to them, and in 1999 - 20 yuan.
The denomination of each banknote is indicated in Chinese. The numbers themselves are given by digital signs and Arabic numerals. The denomination and the words "People's Bank of China" appear on the back of the banknote in Yi, Mongolian, Tibetan, Uighur, and Tsuang. On the obverse side of the coin, the denomination is indicated in Chinese "braille" - starting from the fourth series.
Second series
The second series of renminbi banknotes (the first was used for the previous currency) appeared on March 1, 1955. Each banknote had the words "People's Bank of China" and the denomination in Uighur, Tibetan and Mongolian. There are banknotes for ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10.
Third series
The third series of renmenbi banknotes appeared on April 15, 1962. For the next 20 years, series 2 and 3 banknotes were used simultaneously. Series 3 banknote denominations are ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10. They fell out of use in the 1990s, and on July 1, 2000 they were finally abandoned.
Fourth series
The fourth series appeared between 1987 and 1997, although the banknotes bear the dates 1980, 1990 or 1996. They are still in circulation. Denominations: ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50 and ¥100.
Fifth series
In 1999, the fifth series of banknotes gradually began to be introduced. It includes denominations of ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100.
Likely future design options
On March 13, 2006, the delegates of the advisory body in the people's congress proposed that San Yat-sen and Deng Xiaoping be depicted on banknotes. But this proposal is still far from implementation.
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Use outside of China
Two administrative regions, Hong Kong and Macau, have their own currency. In accordance with the principle of "one country, two systems" and the fundamental laws of the two territories, national laws do not apply. Therefore, the Hong Kong dollar and the pataca remain legal tender in these territories, while the renmenbi is not.
RMB is the second most popular currency in Hong Kong, it is becoming the main one. Banks in Hong Kong allow you to open renmenbi accounts.
Renmenbi existed in Macau even until 1999, when the territory returned to the PRC from the possession of Portugal. Banks in Macau use renminbi-based credit cards but do not lend. The casino does not accept such credit cards.
The Chinese government in Taiwan believes that the use of the renmenbi will create a secret economy and undermine sovereignty. Tourists in Taiwan are allowed to carry 20,000 renmenbi with them. This money must be exchanged for Taiwanese dollars at Matsu and Kinmen trial exchange offices. The Chin Shui-bian administration insists it will not allow full currency conversion until China signs a bilateral foreign exchange agreement. President Ma Ying-jeo promises to allow currency conversion as soon as possible.
Cambodia and Nepal use the Renmenbi as their official currency, while Laos and Myanmar allow its use in the border provinces. Vietnam allows the renmenbi to be exchanged for the dong, albeit unofficially.
Exchange rate
Ten years before 2005, the Chinese currency was artificially maintained at 8.2765 yuan against the US dollar. On July 21, 2005, the People's Bank of China revalued the yuan to 8.11 against the dollar, abandoned the artificial support of the exchange rate and switched to a floating exchange rate based on supply and demand. The ratio of the dollar to the renminbi can vary within 0.3% at the bank's central parity. On May 18, 2007, the bank expanded this limit to 0.5%. The bank claims that the basket of currencies is dominated by the US dollar, euro, Japanese yen and Korean won, British pounds, Thai baht, Russian rubles, Australian, Canadian and Singaporean dollars - less.
On April 23, 2008, one US dollar was worth 6.9837 yuan, that is, the yuan rose by 18.51%, the highest rate since the lifting of the artificial restriction. On April 10, 2008, the dollar was worth 6.9920 yuan, the first time in more than 10 years that the dollar was worth less than 7 yuan.
The national Chinese currency is a system Money issued by the Central Bank of China. These funds are used for settlement within the country.
Renminbi or Yuan, which is the correct name?
In various media mass media often you can find the use of the word "renminbi" instead of "Chinese yuan". Many Western experts believe that these terms are not only closely related, but also equivalent in relation to each other. In fact, there is a difference, but a very subtle one. The word yuan is translated from Chinese as "round" and refers to the shape of the coin. He is base unit the entire national monetary system of China, which just bears the name renminbi, which means “people's money”.
Banknotes are issued in denominations of 100, 50, 20, 10, 5 yuan. There is also a 2 yuan banknote, but it is very rare. 1 yuan is both paper and in the form of a coin. The smaller unit of currency is the jiao. 10 jiao equals 1 yuan. IN cash flow you can find coins in 1 and 5 jiao, and banknotes worth 1, 2 and 5 jiao. Each jiao in turn consists of 10 fen.
The Chinese themselves rarely use the words "yuan" or "renminbi" in conversations. Usually they say "kuai", which means "piece". Instead of the designation "jiao", "mao" is used. Moreover, the Chinese began to say “mao” in the meaning of “jiao” long before Mao Zedong came to power, although the spelling of the statesman’s name and the colloquial name of the coin are the same.
On the front side of each banknote there is an image of Mao Zedong - "Chinese Joseph Stalin". Flowers are traditionally included with the portrait of the leader.
- 50 - chrysanthemum;
- 20 - lotus;
- 10 - rose;
- 5 - narcissus;
- 1 - orchid.
On the reverse side of the banknote you can see the landscapes of the People's Republic of China:
- 1,5,10 - Changyang Gorge;
- 20 - Huanghe River;
- 50 - Chinese wall;
- 100 - Beijing ChinaCentury Altar.
Each banknote is protected by a relief inscription, a hologram and a transparent window. A blue glow can be seen around the value.
Chinese Yuan in the International Banking System
On November 30, 2015, the national currency of China was included in the list of reserve currencies by the World Monetary Fund. Along with the yuan, this basket includes: 
- U.S. dollar;
- Euro;
- GBP;
- Yen;
- Swiss frank.
The international designation of the Chinese yuan in the ISO 4217 standard is CNY. However, you can often find the RMB variant (from Renminbi - spelling renminbi in pinyin). The digital code is 156. In China, the monetary unit also has its own image in the form of the Latin character Ұ. Moreover, this symbol is not placed after the amount, but before it.
The 1 Chinese yuan coin, made of nickel and covered with steel, in addition to the name of the bank and the year of issue, contains the inscription RMB three times. Reeds are depicted on the copper and steel-plated 5 yuan. A 1 jiao coin is smelted from aluminum.
Despite the fact that the change in the exchange rate of the Chinese yuan against the ruble today does not arouse such interest as in relation to the leading currencies - the US dollar and the euro, this does not mean that the change in the value of this monetary unit should be ignored, Chinese market is one of the largest in the world. Therefore, any ups and downs of the yuan are a reflection of China's financial potential, which has reached in Lately significant heights.
As of the end of February 2016, the official exchange rate of the National Bank of China is as follows:
- 1 USD (US Dollar) = 6.5302 CNY
- 1 EUR (Euro) = 7.1912 CNY
- 1 RUB (Russian ruble) = 0.0857 CNY.
Thus, 1 Chinese yuan is worth approximately 11.83 rubles. The share of Chinese money in the international banking system, according to some estimates, is about 1.5%. However, experts believe that in 10-15 years this currency will become as significant as the US dollar or the euro.
