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Chinese Renminbi/Yuan- General information







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The "Renminbi" (RMB, ISO code: CNY) is the official currency of the People’s Republic of China. The yuan is the basic unit of the renminbi, but is also used as a synonym of the currency. In 2012 the Renminbi/Yuan is the 9th most traded currency in the world foreign exchange markets by value with 2.2% of the world's daily share. One yuan is subdivided into 10 jiao. One jiao is subdivided into 10 fen. The Chinese definition of renminbi is "people's currency". The word "yuan" goes back further than "renminbi". It is the Chinese word for dollar - the silver coin, used by foreign traders in China. The word chinese use for Yuan is "kuai", which literally means "piece", and is the word used historically for coins made of silver or copper. Renminbi is issued by the People's Bank of China. Banknotes and coins production is carried out by China Banknote Printing and Minting (state owned company).




The first series of renminbi banknotes was introduced by the People's Bank of China in December 1948 in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. In 1949 denominatons of 200, 500, 5000 and 10,000 were put into circulation, followed by 50000 yuan note in 1950.

The second series of renminbi banknotes was introduced in 1955 in denominations of 1, 2 and 5 fen, 1, 2 and 5 jiao, and 1, 2, 3, 5 and 10 yuan.

The third series of renminbi banknotes was introduced on April 15, 1962. For the next two decades, the second and third series banknotes were used concurrently. The denominations were of 1, 2, 5, jiao and 1, 2, 5 and 10 Yuan. The third series was phased out during the 1990s and then was recalled completely on July 1, 2000.

The fourth series was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender. Banknotes are available in denominations of 1, 2, 5 jiao 1, 2, 5, 10, 50 and 100 yuan.


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The fifth series of the renminbi is the current coin and banknote series. They were progressively introduced since 1999 and consist of 1, 5 jiao, 1 yuan coins, and 1, 5, 10, 20, 50, and 100 yuan notes. Fifth series of Renminbi banknotes has 1999 and 2005 editions. The first edition includes 1, 5, 10, 20, 50 and 100 yuan banknotes. The second edition includes 5, 10, 20, 50 and 100 yuan notes. The two editions has same design and basic colours. The new banknotes incorporate several new anti-counterfeiting security features, including watermarks, inks that fluoresce under ultraviolet light and more raised ink printing.


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Sources:
www.wikipedia.org
www.pbc.gov.cn



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