CHINESE CURRENCY: YUAN

Although China is the first country in the world to use paper money, it could not predict how much it would be worth globally. S

...

Although China is the first country in the world to use paper money, it could not predict how much it would be worth globally. So much so that despite being one of the largest economies in the world, he did not make his money available for international trade. In 2015, several attempts were made to bring the yuan into reserve currencies. This issue has had huge repercussions across the world. 

After China outpaced Japan in 2010 and became the world's second-largest economy, China has worked hard to make its currency a global power. The International Monetary Fund (IMF) has said that the Chinese currency, the yuan, will be among the reserve currencies by the end of 2015. The yuan, which began to be referred to among the ‘elite currencies’ in 2016, has entered the same basket as the US Dollar, British pound, Japanese yen and Euro. On 1 October 2016, the Chinese yuan began operating in the Special Drawing Rights (SPR) basket. The weight of the basket is 10.92 percent.

What is needed to know about the Chinese currency. For some, the Renminbi is the yuan for others. This issue confuses many people and they wonder whether” the yuan and the Renminbi are the same money". We will share with you general information about Chinese currency, yuan and Renminbi issues. In addition, we will take a brief look at the Chinese economy and trade relations. In this way, you will be able to understand both the currency and interpret the Chinese economy.

What Is The Chinese Currency?

China's currency is the 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. Despite being confused with Yuan, it is obvious that the two are 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, talk of causing “courtship wars” began, and with his participation in the SDR basket, he became a big voice.

The fact that China is bigger than the combined economies of Germany, France and Britain has raised concerns about strengthening the currency. Moreover, the fact that China is the first country to use money, but not to use its money in international trade, is an important factor in America's 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 On The Chinese Yuan

What Is Yuan? The official currency of the bilge about the Chinese yuan is the yuan. Based on the accepted principle of “being a measure of money” of accounting, the yuan is a unit of Measure for China's tradable values in everyday financial language. Therefore, you can easily see that yuan is being used in the news. Yuan's name; the name of the Kingdom of Kublai we know and 13. It is presumed that Kublai, the grandson of Genghis Khan, who ruled all of China in the century, came from the Yuan Dynasty.

The smaller currencies used in the people's Republic of China are formed by dividing the yuan. The ‘jiao’ is formed when the yuan is divided into 10. By dividing the Jiao by 10, ‘fen’, which is also considered the smallest currency, emerges. In other words, 1 yuan, 10 jiao and 100 fene equals.

Common currency sizes are as follows::

  • • 100 Chinese yuan
  • • 50 Chinese yuan
  • • 20 Chinese yuan
  • • 10 Chinese yuan
  • • 5 Chinese yuan
  • • 2 Chinese yuan
  • • 1 Chinese yuan
  • • 5 jiao
  • • 2 jiao
  • • 1 jiao
  • • 5 fen
  • • 2 fen
  • • 1 fen

By this time, the people's Bank of China had released 5 different print series. The first edition represents the first renminbi on 1 December 1948. April March 1, 1955; the third edition was released on April 15, 1962. Paper coins of the first, second and third edition are no longer used.

October April 25, 1987, the fourth edition coins, and the fifth edition coins, were released on October 1, 1999. The fifth series of coins features a portrait of Mao Zedong, unlike the others. Earlier coins featured portraits of various leaders and workers.

What Is A Renminbi?

What Is A Renminbi?Renminbi, meaning “people's money” in Mandarin, is the name given to printed coins in China. It has been in use since 1830, and in 2015, it was the eighth most used coin in the world. Other than China, the renminbi's official user countries are Hong Kong, Mongolia, North Korea, Macau, Myanmar, Vietnam and Zimbabwe.

It would be best to set an example to understand the difference between the Renminbi and the yuan. Let's say you use 10 yuan of paper money to buy something in China. All of the coins and coins you will receive in change will be called Renminbi. Their units will be yuan, jiao or fen.

Most-Traded Chinese Yuan Parity

The most widely traded Chinese yuan parity was one of the strongest currencies traded in financial markets, although at first the Chinese yuan was not allowed to be used in international trade. The US dollar and the Euro in particular attracted the attention of investors. For our country, the Chinese yuan – Turkish lira exchange rates are monitored within the scope of trade relations.


Source