One of the symbols of the country, as well as a sign of the strength of the state in economic terms, is its currency. For the world community, each currency has its own meaning and designation. Market economies around the world are tied to certain basic monetary units. We are talking about the US dollar, which largely determines pricing policy, and the euro, the basis of European markets. China and its currency are also quickly breaking into the world economy. The yuan currency has long been used in this country.
Introduction of the modern yuan into use
The beginning of the existence of this currency can be dated back to the nineteenth century, but the yuan determined its more modern status in 1948, when at the same time the controlling authority for monetary use, the People's Bank of China, was created, and the country's unified monetary unit was recognized.
Yuan graphic symbol
But another stage of development was the second in 1955, as a result of which its first graphic designation appeared. It was during this period that the yuan as a currency acquired its symbol, which is still relevant today. It is not surprising that its designation was adopted in the form of the first Latin letter in the spelling of the name of this currency. In addition, parallel horizontal lines were added to the designation. Their goal was to create a distinctive effect from the Chinese character, which means “ruin, fork.”
To determine the Chinese currency, a fairly simple graphic symbol is used. Yuan is depicted this way: Ұ. Exactly one lane is provided for by the current rules, but this is only theoretical. In all places where it becomes necessary to define a currency like the yuan, they use a symbol that is very similar to the same Latin letter, but only with two horizontal lines: ¥. This connection arose due to the fact that the names of the Japanese and Korean currencies come from the original Chinese character, which was already mentioned and which means “ruin, fork.” This graphical nuance is also explained by the settings in computer software systems. Simply put, the default Chinese font is SimSun, where the character is represented with a single stripe. To still print it as originally intended, you need to select the MingLiu font in the settings.
Features of using the yuan graphic symbol
There is also another feature of the Chinese yuan designation. It is customary that all currency signs are indicated after the amount. But it is the yuan symbol that is placed in front of it that distinguishes it from the US dollar, euro and many other currencies. An example of reflection would be writing the price on goods where they are indicated in this way: ¥34 if the purchase costs 34 yuan.
In addition to the graphic designation of the Chinese yuan, there is another option for defining the currency without its actual presence. To bring all world norms into uniform standards, there is an organization that is responsible for determining all international indicators into one system. The International Organization for Standardization, abbreviated and more recognizable as ISO, has also created a standard for designating world monetary units when conducting foreign exchange transactions. ISO 4217 defines a three-digit digital code for the purchase or sale of a currency in order to regulate global financial markets. The first two characters indicate the country where the unit originates, the third character shows the name of the currency, basically the first letter. The yuan currency looks like CNY, that is, CHINA YUAN.
Additional letter designation of the yuan
The Chinese yuan is also known as renminbi, which is more understandable to the Chinese as “the people’s currency.” This name also could not go unnoticed, so there is a designation different from CNY. Yuan is also written as RMB - from Renminbi. The first variant of the letter reflection is more often used, since this yuan sign corresponds to the officially approved name of the currency. As for the second encoding, the decoding “people’s money” and in calculations is more used only in the Chinese economy.
Digital version of the yuan symbol
For encoding when carrying out there is also a digital designation. It is customary to display the yuan as a number equal to 156. Information about this code is useful for bank employees, accountants, economists, and all those who conduct transactions in this monetary unit in operational programs. This is exactly how currencies are displayed in digital documents. Simply enter code 156 - and immediately next to the amount the name of the currency or the letter designation of the Chinese yuan will be displayed. This type of writing helps to simplify the maintenance of financial documents and reduce possible errors when displaying the world's monetary units.
Universal symbol of world currencies
There are different currencies of the world, the designations of which are widely known. Each of them not only systematizes the entire money market, but also contributes to the efficient conduct of transactions between enterprises in different countries, as well as the consolidation of economies. In addition to codes and monetary units of specific states, there is also a symbol that is accepted as a universal sign to denote any currency. It is mainly used when a transaction is made in a rarely used monetary unit or one that does not have its own designation. This graphic symbol looks like this: “¤”. It first appeared in the global economy in 1972. At that time, they decided to use it to replace the familiar American dollar sign in the process of generating financial statements on a computer. It was originally planned that $ could play the role of a universal symbol. That is why the Europeans used a different sign, since they were very opposed to the fact that the dollar with its designation would come to the forefront. In those days, in the first software systems, even the universal currency sign and the dollar sign had the same ASCII encoding. But after some time, a code was introduced for “¤” in the Unicode code table.
Thus, it was decided to use “¤” as a universal sign of money. To determine and specify in which currency a particular operation is carried out, it is necessary to carefully study the full text of the document, where the designation for all currencies is used, that is, writing the sign “¤” with a digital symbol means the sum of units of a certain currency equal to these numbers.
Instead of output
Signs are always and everywhere present in the life of any person. Monetary symbols are no exception. Each of them carries a semantic load. The Chinese yuan was no exception, like all currencies of the world. Their designations have their own meaning, and also, as experts in the popular Feng Shui teaching in this country can say, influence on the development of the entire economy of the state and its prosperity. The current complete success of almost all industries in China makes it clear that the currency designations were chosen correctly.
The national Chinese currency is a system of money issued by the central bank of China. These funds are used for payments within the country.
Renminbi or Yuan, which name is correct?
In various media, you can often see the word “renminbi” used instead of “Chinese yuan”. Many Western experts believe that these terms are not only closely interrelated, but also equivalent in relation to each other. In fact, there is a difference here, but it is very subtle. The word yuan is translated from Chinese as “round” and refers to the shape of the coin. It is the basic unit of the entire national monetary system of China, which is called the renminbi, which means “people’s money.”
Banknotes are issued in denominations of 100, 50, 20, 10, 5 yuan. There is also a 2 yuan note, but it is very rare. 1 yuan comes in both paper and coin form. A smaller monetary unit is the jiao. 10 jiao equals 1 yuan. In monetary circulation you can find coins worth 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. They usually say "kuai", which means "piece". Instead of denoting “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 is an image of Mao Zedong - “China's Joseph Stalin.” Flowers are traditionally included with the leader’s portrait.
- 50 - chrysanthemum;
- 20 - lotus;
- 10 - rose;
- 5 - daffodil;
- 1 - orchid.
On the reverse side of the banknote you can see landscapes of the People's Republic of China:
- 1,5,10 - Changyang gorge;
- 20 - Yellow River;
- 50 - Chinese Wall;
- 100 - Beijing ChinaCentury Altar building.
Each banknote is protected by a raised inscription, a hologram and a transparent window. A blue glow can be seen around the denomination.
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 - writing Renminbi in Pinyin). The digital code is 156. In China, the monetary unit also has its own image in the form of the Latin symbol Ұ. Moreover, this symbol is placed not after the amount, but before it.
The Chinese 1 Yuan coin, made of nickel and plated with steel, bears the inscription RMB three times in addition to the bank name and year of issue. The copper and steel-plated 5 yuan coins feature a reed design. The 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 cause 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, because the 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 recently reached 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 costs 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 euro.
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Many people who come to China have trouble understanding the Chinese monetary system. They complain that it is complex and confusing. Indeed, except yuan (analogous to rubles) and feney (“kopecks”) there are more jiao . Chinese money is called 人民币 renminbi. Let's try to put everything in order and tell you how not to end up with a wallet full of heavy change and where to put the accumulated paper jiao.
Chinese money is also interesting to numismatists. There are still old coins made of a very light alloy (possibly aluminum) in circulation. They differ from modern coins in their design, shape, weight and metal color. Every year such coins are found less and less often. Lately they have almost disappeared from circulation.
Paper jiao and yuan in a vessel with water. Temple in Beijing
Wallet contents: Chinese yuan, mao, fen
Yuan 元, 圆. In colloquial speech it is also often called kuai 块 ("piece"). This is an analogue of our ruble. Yuan is the most common currency in China. Yuan comes in paper (5, 10, 20, 50 and 100 yuan) and metal (1 yuan). The largest bill is 100 yuan, the smallest is 1 yuan.
100 yuan note
RMB to ruble and dollar exchange rate is constantly changing, so it’s worth checking before your trip. Currently, it fluctuates around 10 rubles per 1 yuan, 1 dollar is about 6.65 yuan. This is also useful in order to imagine the cost of an item purchased in China in terms of rubles. After such a comparison, many Chinese goods will not seem so cheap.
In passing, I would like to remind you that on Chinese price tags the price is indicated per 500 grams, and not per kilogram, as is customary here. This special weight category is called jing斤 When purchasing any food products (even tea), do not forget to double the cost. Perhaps it is precisely because of this weight unit that many Chinese products displayed on the counter at first seem very cheap.
My advice. There is one win-win option that allows you to significantly reduce the price when trading with a Chinese seller. Of course, only when he knows at least a little Russian or English (if you don’t speak Chinese). To convince the merchant that he is greatly overestimating the price, telling him the price (even if greatly underestimated) for this product in Russia will help. This argument will give you confidence that the item should cost less. For a more detailed description of ways to reduce the price when buying goods in China, you can read our article
Fen分*. The Chinese pronounce its name as "feng". These coins can be compared to our pennies. In everyday life there are “kopeck notes” in denominations of 1, 2 and 5 fen.
* Fen 分 is a very ambiguous word. Its main translations are “divide”, “split”, “separate”, “distinguish”. This is where the meaning of something very small, fractional comes from. Fen also means "minute", "point", 1/10 or 1/100 of a part.
5 fen coins
My advice. Choose a wallet that has a closed compartment for coins. From the first day of your stay in China, you will notice how heavy your wallet has become. Sellers willingly throw off metal coins and give change.
Jiao 角, or, more colloquially, mao 毛. This is 0.1 yuan. There are 10 fen in one jiao. Jiao come in paper and metal. Paper and metal jiao are smaller in size than yuan. At first, foreigners get confused with this monetary unit, surprised at how quickly their wallet is replenished with notes and coins in denominations of 1 or 5 jiao.
My advice. Don't accumulate too much jiao. Give them away as you accumulate them. Keep some of the paper jiao for donation. Please note that a lot of this money is in the transparent donation boxes that are available in most churches. There are much fewer yuan there. Metal jiao coins are thrown into a pond or fountain (for good luck to return) in places where this is customary. However, paper money is often thrown there as well.
Do the Chinese like metal coins?
The Chinese are calm about metal money. Southerners take them more readily. Thus, a machine at one of the subway (metro) stations in Shanghai did not want to accept paper money. I had to exchange them. Northerners prefer paper money. There are fewer problems. The machines here are, as a rule, omnivorous.
My advice. Feel free to offer a full handful of coins in the store. The seller (or cashier) and the queue (if there is one) will treat this with understanding. Money is money. If you are not a numismatist, then do not take a heavy bag of unused change with you to your homeland. Better buy something useful with it. The main thing is that you have enough money :)
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The Chinese yuan is the official currency of the People's Republic of China. The name of the currency is yuan, used only abroad. It is translated into Russian as “round coin” or “circle”. The internal name of the currency is Renminbi or, as is customary in Latin spelling, Renminbi, which translates as “people's money”. The ISO code of the Chinese Yuan is 4217, the official abbreviation is CNY.
In the All-Russian Classifier of Currencies, the national currency of China was called:
- Chinese yuan (from 12/26/1994 to 01/01/2001);
- Renminbi yuan (from 01/01/2001 to 02/01/2007);
- Renminbi yuan (from 02/01/2007 to 2009);
- Yuan (from 2009 to the present).
One yuan is made up of ten jiao, and one jiao is made up of 10 fen. For example, an amount of 3.75 yuan would sound like 3 yuan, 7 jiao, 5 fen. In popular pronunciation, kuai is often heard instead of yuan, and jiao is replaced by mao.
Currently, yuan are in circulation in the form of the following banknotes: 1, 5, 10, 20, 50 and 100. Jiao are also issued in banknotes of 1, 2 and 5. The country also has coins in denominations of 1, 2, 5 fen, 1, 5 jiao and 1 yuan. The People's Bank of China is responsible for issuing the yuan.
The administrative regions of the People's Republic of China, Hong Kong and Macau, as well as the province of Taiwan have their own currencies in circulation:
- Hong Kong dollar;
- Pataca Macau;
- Taiwanese dollar.
Despite the fact that these territories actually belong to China, all payments in these regions are carried out only in their own currency, and the Chinese yuan is considered from the point of view of foreign exchange regulation as a foreign currency.
China is the second largest economy in the world. Huge production facilities of various companies from all over the world are located in China. And therefore, a very large amount of money is in yuan. In October 2013, they became the most popular currency in world trade after the dollar. Most often, Chinese currency is used in international payments in China, Hong Kong, Singapore, Germany and Australia.
China financed the US budget deficit for about eight years, spending a total of about $900 billion on the purchase of Treasury bonds. If China now sells them, the dollar faces an inevitable collapse. Taking advantage of the current situation, China is striving to achieve its main goal - to make the yuan a global currency. If the yuan receives reserve currency status, the rules of the game on the world market will be set by China, not the United States.
One of the first attempts to export the yuan was made by China, when it issued government bonds, which later became one of the reserve assets for the Asian Bond Fund 2. A market for yuan-denominated private bonds, nicknamed Dim Sum, was also emerging. At the beginning of 2010, China allowed non-financial companies to issue bonds in yuan. One of the first non-Chinese non-financial companies to take advantage of this opportunity was the American corporation McDonald's.
Another measure aimed at globalizing the Chinese yuan was the launch of the China Foreign Exchange Trade System in Shanghai. This system is a platform for the interbank foreign exchange market, where the yuan is traded in exchange for other world currencies. The trading volume on this platform reaches $37 billion daily. Another important initiative in this direction was the launch of a pilot project in 2009, under which several dozen Chinese companies were allowed to use the yuan for trade transactions outside of China.
The Chinese government plans that in the coming years (according to various estimates in 2015-2016), the yuan will become a convertible currency. This will be another step towards liberalizing the economy and transferring it to a market economy.
