Introdution of China Currency
China Currency, also know as Renminbi(RMB).The Renminbi is the official currency of the People's Republic of China.The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to mention the Renminbi.
The Renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of the People's Republic of China. It was issued only in paper money form at first, and replaced the various currencies circulating in the areas controlled by the Communists. One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan.In some parts of China, yuan is called kuai and jiao is referred as mao. Chinese money is issued by the People's Bank of China in denominations of one, two, five, ten, twenty, fifty, and one hundred yuan. The jiao and fen coins are both issued in ones, twos, and fives.
As of 2016, renminbi banknotes are available in denominations from ￥0.1, ￥0.2, ￥0.5 (1, 2, and 5 jiao), ￥1, ￥2, ￥5, ￥10, ￥20, ￥50 and ￥100 yuan. These denominations have been available since 1955, except for the 50 and 100 yuan notes (added in 1980) and 20 yuan notes (added in or after 1999). Coins are available in denominations from 1 fen to 1 yuan (￥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions larger yuan coin denominations such as ￥5 have been issued to commemorate events but use of these outside of collecting has never been widespread.
The denomination of each banknote is printed in Chinese. The numbers themselves are printed in financial Chinese numeral characters, as well as Arabic numerals. The denomination and the words "People's Bank of China" are also printed in Mongolian, Tibetan, Uyghur and Zhuang on the back of each banknote, in addition to the boldface Hanyu Pinyin "Zhongguo Renmin Yinhang" (without tones). The right front of the note has a tactile representation of the denomination in Chinese Braille starting from the fourth series. See corresponding section for detailed information.
The Coins were first introduced in 1955.These depict the national emblem on the obverse (front) and the name and denomination framed by wheat stocks on the reverse (back).In 1991, a new coinage was introduced, consisting of an aluminium 1 jiao, brass 5 jiao and nickel-clad-steel 1 yuan. These were smaller than the previous jiao and yuan coins and depicted flowers on the obverse and the national emblem on the reverse.
In 2005, the metallic composition of the 1 jiao was changed from aluminum to more durable nickel-plated steel. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas, and small notes being more popular in rural areas. Older fen and large jiao coins are uncommonly still seen in circulation but are still valid in exchange.
The first series of renminbi banknotes was issued on 1 December 1948, by the newly founded People's Bank of China. It introduced notes in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. Notes for 200, 500, 5000 and 10,000 yuan followed in 1949, with 50,000 yuan notes added in 1950. A total of 62 different designs were issued.
The second series of renminbi banknotes was introduced on 1 March 1955 (but dated 1953). Each note has the words "People's Bank of China" as well as the denomination in the Uyghur, Tibetan, Mongolian and Zhuang languages on the back, which has since appeared in each series of renminbi notes.
The third series of renminbi banknotes was introduced on 15 April 1962, though many denominations were dated 1960. New dates would be issued as stocks of older dates were gradually depleted. The sizes and design layout of the notes had changed but not the order of colors for each denomination. For the next two decades, the second and third series banknotes were used concurrently.
The fourth series of renminbi banknotes was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender.
The fifth series of renminbi banknotes and coins was progressively introduced from 1999. This series also bears the years 2005 (all except ￥1) and 2015 (￥100 only)
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