RENMINBI YUAN

(See also the renminbi yuan - encyclopedia)

The Renminbi is the official currency of the People’s Republic of China and it issued by People's Bank of China (PBOC). The yuan is the basic unit of the Renminbi, and in international contexts the ISO 4217 standard code for renminbi is CNY but is also used RMB. The renminbi symbol is ¥. One Renminbi is divided into three basic units: yuan, jiao and fen.

The Renminbi was introduced in 1949 with the advent of the Chinese Communist regime and it means "people's currency". Since 1950 have been issued several series of coins and today is the fourth series. With the reforms of 1978 for the Socialist Market Economy  was created, for a brief period, a dual system currency. It allowed the use of the renminbi only for domestic transactions and foreign exchange certificates provided for foreign transactions. Until 2005, the Renminbi has been anchored to the dollar but after has been anchored to international currencies basket.


Editor: Giovanni AVERSA