RENMINBI YUAN (ENCYCLOPEDIA)

(See also the definition of renminbi yuan)

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 is the monetary unit of China's Banking System with effect from June 1969. Before this date was called Jen Min Piao, Yuan of the people, that Mao Tse Tung in 1948 he circulated in the regions occupied by his armies. In April 1949, the People's Bank fixed the course of 600 Jen Min Piao per U.S. dollar. This equality was review monthly and soon the new Chinese currency is devalued against the dollar, the price not official quoted in 1950 surpassed the 47,000 Jen Min Piao. In 1955 there was a change of currency was issued and the new Jen Min Piao against 10,000 old tickets. The course with the dollar was fixed at 2.46 new Jen Min Piao. The inflation erodes this course against the dollar, which in 1969 resulted not officially increased by nearly 20 times that of 1955. In 1969 it was decided to give a new name to the coin. It was so the renminbi , always divided like the old Jen Min Piao Tsjao in 10 and 100 Fung. It was also retained the old course of the dollar. The term Yuan is still alive and is still represented by the renminbi. Since 1969 the international currency crisis and with the energy crisis, this course presented some of the Chinese currency appreciation, which later has evaporated. At the end of the 80s the dollar was quoted at not officially 11 renminbi, against 2.04 of a official established on February 20, 1973. In December 1971, after the events of the dollar Beijing declared that the Chinese currency would have the U.S. dollar as reference currency of Hong Kong and the pound sterling. From 1973, he was again made ​​reference to the U.S. dollar. The economic apparatus so-called "democratic centralism", connected with the apparatus of exchange control, did not allow the Chinese currency to take an important role in the context of international trade and financial transactions. 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. Since 1950 have been issued several series of coins and today is the fourth series.


Editor: avf, Giovanni AVERSA