Chinese Yuan Renminbi (CNY) Profile
Chinese yuan renminbi CNY converter to world currencies »
1. Nicknames: kuài (块), máo (毛)
2. Pegged with Partially, to a basket of trade-weighted international currencies.
Chinese yuan renminbi users
Renminbi is the official currency of China (officially the People’s Republic of China) which is a country in East Asia.
Renminbi is not official currency in Hong Kong and Macau. In Hongkong, Renminbi may accept in some stores but only notes not coins. In Mauca, Renminbi can be used more widely except casinos which baiscly accept Hong Kong dollar only or sometimes accept Macanese pataca. But suggest exchange Renminbi to Macanese pataca comparing with to use Renminbi directly for better local exchange rate. It’s easily to exchange foreign currencies in Macau, either in hotels banks and authorized exchange dealers, or some 24-hour exchange bureaus at Macau International Airport (Taipa Island) and at the Lisboa Hotel (Macau Peninsula). Renminbi is generally not accepted except very few popular tourist sites in Taiwan.
In some neighbor countries, Renminbi is accepted variously. North Korea used to accept Renminbi but announced not to use foreign currencies since 2012. In Myanmar (Burma),Renminbi is only exchanged and used in the border cities. Renminbi is widely accepted in Mongolia, alongside the official currency of Mongolian tugrik (MNT).
Chinese yuan is the primary unit of Renminbi. One yuan is divided into 10 jiao or 100 fen. When used in English in the context of the modern foreign exchange market, the Chinese yuan most commonly refers to the Renminbi (CNY) or with full name as Chinese Yuan Renminbi.
Chinese yuan renminbi history
The currently circulating “Renminbi” was actually introduced since 1955 as the “second series of Renmibi” whose following 3 series of the third series (existed from April 20, 1960 to July 1, 2000), the fourth series (issued on April 27, 1987) and currently circulating series, the fifth series (initially issued on October 1, 1999).
The name “Renminbi” was first recorded as an official name in June 1949. The second series of Renminbi replaced the previous “first series Renminbi” at 1 new yuan= 10, 000 old yuan. The first series of Renmibi were issued in December 1948 with only paper money however with total 62 different designs.
Since 2005, the Renminbi has been pegged to a basket of trade-weighted international currencies.
Chinese yuan renminbi coins and banknotes
The primary unit of Renminbi is the yuan (元).One yuan is subdivided into 10 jiǎo (角), or 100 fen(分).
Currently in circulation coins are in denominations of 1 jiao, 5 jiao and 1 yuan, and banknotes are in denominations of 1 jiao, 5 jiao, 1, 5, 10, 20, 50, 100 yuan. The Coins of 1 fen, 2 fen and 5 fen and banknotes of 2 jiao, 2 yuan are rarely used.
In the most Mandarin Chinese speaking areas, Renminbi usually are counted as kuai rather than yuan. Meanwhile in Cantonese speaking areas, kuai, jiao and fen are called as mān (蚊), hòuh (毫), and sīn (仙).