Exchange rate CNY - Chinese yuan
The Chinese yuan is the official currency of the People's Republic of China. One yuan divides into ten jiao and one jiao into ten fen.
Chinese yuan exchange rate - chart
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The Chinese yuan is the official currency of the People's Republic of China. Its international symbol is CNY, although the abbreviation RMB is also used in notations. The yuan is divided into 10 jiao and one jiao into 10 fen.
The Chineses yuan - where is it used?
The Chinese yuan, also called the renminbi, is the official means of payment used in the People's Republic of China. It is also unofficially circulated in other countries such as Macau, Laos, Cambodia, Nepal, Zimbabwe and Myanmar. When travelling to any of these regions, it is a good idea to check the yuan exchange rate.
The history of the Chineses yuan
During the Republic of China from 1912 to 1949, there were many different currencies in circulation within its borders that were denominated in the yuan unit. Each had its own name (e.g. silver yuan, gold yuan or fabi). The Chinese yuan as we know it today was presented in 1948, a few months before the founding of the People's Republic of China. It initially functioned only in paper banknotes and was intended to replace China's other currencies. At that time, China was struggling with hyperinflation, so a revaluation was ordered in 1955. The yuan exchange rate was then set at 10,000 old yuans. The Chinese government controlled the yuan exchange rate so that it was higher than its real value. Thanks to this, goods imported from abroad, including agricultural machinery, were bought at relatively low prices. China released the yuan exchange rate only in the mid-1990s, although preparations had been underway for several years. From then on, the currency's value was determined by supply and demand on the foreign exchange market, although for many years, it was also closely tied to the US dollar.
CNY - key information
The Chinese coins that the population uses most often are 1 and 5 jiao, as well as 1 yuan. Fens, or hundredths of a yuan, are used much less frequently, although they are officially in circulation. They have denominations of 1, 2 and 5 fens. Definitely more popular are the 1, 5, 10, 20, 50 and 100 yuan banknotes. Each depicts the image of Mao Zedong, leader of the People's Republic of China, from 1949 to 1976. Interestingly, there was still the fourth series of banknotes in circulation until May 2019, available in more denominations (including jiao bills). However, it is currently no longer in use.
Check Chinese yuan exchange rate
CNY is one of the most frequently exchanged currencies in the world. In Europe, the yuan exchange rate is of interest mainly to people who are establishing trade relations with China and tourists going to the Middle Kingdom. Yuan is sometimes hardly available in stationary exchange offices. However, you can easily buy them online using our service. With our currency converter, you can quickly convert CNY to EUR or other currency.