Chinese Yuan (CNY)

Basic Concepts of RMB

The Renminbi (RMB) is the legal tender of China, issued and managed by the People's Bank of China. Its ISO 4217 code is CNY and its symbol is "¥". The Renminbi circulates in the form of banknotes and coins, and uses a decimal system where 1 Yuan equals 10 Jiao and 1 Jiao equals 10 cents.

Countries and Regions of Use

The RMB is mainly used in mainland China. Hong Kong and Macau, as Special Administrative Regions, have their own currencies (Hong Kong Dollar and Macau Pataca), but the RMB is accepted in some occasions there. In addition, the RMB is used in some Southeast Asian border trade.

Units and Denominations

The primary unit of the Renminbi is the Yuan, while the secondary units are the Jiao and the Cent. The denominations of banknotes include 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan, while the denominations of coins include 10 cents, 50 cents, 1 yuan, as well as the lesser-used 1 cent, 2 cents and 5 cents. Daily transactions are dominated by Yuan and Jiao.

Historical Background

The Renminbi was first issued by the People's Bank of China in 1948, replacing the old currency system. It has undergone several revisions, the most recent being the issuance of the new fifth set of RMB in 2019. The internationalization of the RMB has accelerated with its inclusion in the IMF Special Drawing Rights currency basket in 2016.