Misplaced Pages

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73-456: The town is best known for manufacturing lighting. In recent years the town has grown into a place with thousands of small and big factories all related to lighting in one way or the other. Many international lighting companies have factories and showrooms in Guzhen town, which is about one and a half hours drive from Guangzhou Baiyun International Airport . From Hong Kong , it takes two hours to reach

146-419: A digital renminbi was going to be released after years of preparation. This version of the currency, also called DCEP (Digital Currency Electronic Payment), can be “decoupled” from the banking system to give visiting tourists a taste of the nation's burgeoning cashless society . The announcement received a variety of responses: some believe it is more about domestic control and surveillance. Some argue that

219-694: A dragon on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs). For the 2008 Beijing Olympics , a green ¥10 note was issued featuring the Bird's Nest Stadium on the front with the back showing a classical Olympic discus thrower and various other athletes. On 26 November 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology. In commemoration of

292-424: A reserve currency is above 60%, while that of the renminbi is about 2%. In April 2020, The Guardian reported that the digital currency e-RMB had been adopted into multiple cities' monetary systems and "some government employees and public servants [will] receive their salaries in the digital currency from May. The Guardian quoted a China Daily report which stated "A sovereign digital currency provides

365-594: A digital currency "doesn't solve the problem that some people holding renminbi offshore will want to sell that renminbi and exchange it for the dollar", as the dollar is considered to be a safer asset. Eswar Prasad , an economics professor at Cornell University , said that the digital renminbi "will hardly put a dent in the dollar's status as the dominant global reserve currency" due to the United States' "economic dominance, deep and liquid capital markets, and still-robust institutional framework". The U.S. dollar's share as

438-493: A functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level. It may also facilitate integration into globally traded currency markets with a reduced risk of politically inspired disruption." There were talks of testing out the digital renminbi in the Beijing Winter Olympics in 2022, but China's overall timetable for rolling out

511-403: A key element for a market-oriented economy. A floating exchange rate regime and convertibility for renminbi were seen as the ultimate goal of the reform. Conditional convertibility under current account was achieved by allowing firms to surrender their foreign exchange earning from current account transactions and purchase foreign exchange as needed. Restrictions on Foreign Direct Investment (FDI)

584-662: A result of foreign exchange management reforms approved by the 14th Central Committee of the Chinese Communist Party , the renminbi was officially devalued from US$ 1 = ¥5.5 to over ¥8, and the FEC was retired at ¥1 FEC = ¥1 RMB in favour of tourists directly using the renminbi. In November 1993, the Third Plenum of the 14th Central Committee of the Chinese Communist Party approved a comprehensive reform strategy in which foreign exchange management reforms were highlighted as

657-424: A share of their foreign exchange earnings, referred to as foreign exchange quotas. At the same time, the government introduced measures to allow retention of part of the foreign exchange earnings from non-trade sources, such as overseas remittances, port fees paid by foreign vessels, and tourism. As early as October 1980, exporting firms that retained foreign exchange above their own import needs were allowed to sell

730-412: A third runway, 3,800 metres (12,500 ft) in length and 60 metres (200 ft) in width, located 400 metres (1,300 ft) to the east of the existing east runway. The centrepiece of the project is a 880,700 m (9,480,000 sq ft) Terminal 2. Other facilities comprise new indoor and outdoor car parks and a transportation centre with metro and inter-city train services. The total cost of

803-469: A total floor space of 82,000 square metres (880,000 sq ft). At the beginning of operation, the hub employed more than 800 people and operated 136 flights a week, providing delivery services among 20 major cities in Asia and linking these cities to more than 220 countries and territories in the world. The Guangzhou hub was, at the time of the opening, the largest FedEx hub outside the United States, but it

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876-638: Is carried out by a state owned corporation, China Banknote Printing and Minting Corporation ( CBPMC ; 中国印钞造币总公司 ) headquartered in Beijing . CBPMC uses several printing, engraving and minting facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, Shanghai , Chengdu , Xi'an , Shijiazhuang , and Nanchang . Mints are located in Nanjing , Shanghai, and Shenyang . Also, high grade paper for

949-543: Is connected to downtown Guangzhou by the S41 Guangzhou Airport Expressway. Guangzhou–Foshan circular intercity railway , which is under construction, will serve Baiyun Airport North railway station (for Terminal 2), Baiyun Airport South railway station (for Terminal 1) and Baiyun Airport East railway station (for Terminal 3) in the airport. The rail will connect the airport to the Panyu railway station and

1022-512: Is printed in simplified written 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

1095-567: Is sometimes referred to as the "redback", a play on "greenback", a slang term for the US dollar . The various currencies called yuan or dollar issued in mainland China as well as Taiwan , Hong Kong , Macau and Singapore were all derived from the Spanish dollar , which China imported in large quantities from Spanish America from the 16th to 20th centuries. The first locally minted silver dollar or yuan accepted all over Qing dynasty China (1644–1912)

1168-405: Is the primary industry in Guzhen, accounting for nearly 88% of the town's industrial output. The development of the lighting fittings industry in Guzhen can be traced back to the late 1970s, however, the first significant developments took place from the mid-1980s to early 1990s. Due to the rapid economic development of China, Guzhen's lighting fittings industry has undergone unprecedented growth in

1241-470: Is to distinguish the rates from those fixed by Chinese central banks on the mainland. The abbreviation RMB is not an ISO code but is sometimes used like one by banks and financial institutions. The currency symbol for the yuan unit is ¥ , but when distinction from the Japanese yen is required RMB (e.g. RMB 10,000) or ¥ RMB (e.g. ¥10,000 RMB) is used. However, in written Chinese contexts,

1314-478: Is under construction on the south side of terminal 2; passengers will be able to go to Guangzhou downtown by taking metro, rail, bus or taxi there. On 13 July 2005, FedEx Express signed a contract with the airport authority to relocate its Asia-Pacific hub from Subic Bay International Airport in the Philippines to Baiyun Airport. The new Asia-Pacific hub covers an area of approximate 63 hectares (160 acres), with

1387-513: Is widely used to refer to the Chinese currency generally, especially in international contexts. Until 2005, the value of the renminbi was pegged to the US dollar . As China pursued its transition from central planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that

1460-581: The Baiyun Mountain ( Baiyunshan ), near the former airport even though the mountain is much closer to downtown Guangzhou than it is to the new airport. It is also referred to as "New Baiyun" to distinguish it from the previous airport, but this is not a part of the official name. Former curfews and restrictions did not apply to the new airport, so it could operate 24 hours a day, allowing China Southern Airlines to maximise intercontinental route utilisation with overnight flights. Other airlines also benefit from

1533-914: The Chinese Communist Party took control of ever larger territories in the latter part of the Chinese Civil War , its People's Bank of China began to issue a unified currency in 1948 for use in Communist-controlled territories. Also denominated in yuan , this currency was identified by different names, including "People's Bank of China banknotes" ( simplified Chinese : 中国人民银行钞票 ; traditional Chinese : 中國人民銀行鈔票 ; from November 1948), "New Currency" ( simplified Chinese : 新币 ; traditional Chinese : 新幣 ; from December 1948), "People's Bank of China notes" ( simplified Chinese : 中国人民银行券 ; traditional Chinese : 中國人民銀行券 ; from January 1949), "People's Notes" (人民券, as an abbreviation of

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1606-471: The Chinese character for yuan (Chinese: 元 ; lit. 'constituent', 'part') or, in formal contexts Chinese: 圆 ; lit. 'round', usually follows the number in lieu of a currency symbol. Renminbi is the name of the currency while yuan is the name of the primary unit of the renminbi. This is analogous to the distinction between " sterling " and " pound " when discussing

1679-457: The Chinese yuan , is the official currency of the People's Republic of China . The renminbi is issued by the People's Bank of China , the monetary authority of China. It is the world's fifth-most-traded currency as of April 2022. The yuan ( 元 ) is the basic unit of the renminbi. One yuan is divided into 10 jiao ( 角 ), and the jiao is further subdivided into 10 fen ( 分 ). The word yuan

1752-612: The Huadu railway station . Baiyun International Airport is served by the Airport South Station (serving Terminal 1) and the Airport North Station (serving Terminal 2) on Line 3 of Guangzhou Metro . In the future, Guangzhou Metro Line 22 may serve the airport, connecting it to downtown Guangzhou. There are five Airport Express lines and six Airport Non-stop lines between airport and downtown. Buses take passengers to

1825-647: The Pearl River . Foshan borders Guzhen to the north. Dubbed the "Lighting Capital of China" by the China Light Industry Council and China Association of Lighting Industry, Guzhen is the largest production base of lighting fittings in China and one of the four largest lighting fitting distributing centers in the world. In 2001, lighting fittings produced in Guzhen made up 60% of the Chinese market with exports reaching $ 1 billion. The production of lighting fittings

1898-705: The 70th Anniversary of the issuance of the Renminbi, the People's Bank of China issued 120 million ¥50 banknotes on 28 December 2018. In commemoration of the 2022 Winter Olympics , the People's Bank of China issued ¥20 commemorative banknotes in both paper and polymer in December 2021. In commemoration of the 2024 Chinese New Year, the People's Bank of China issued ¥20 commemorative banknotes in polymer in January 2024. The renminbi yuan has different names when used in ethnic minority regions of China. Renminbi currency production

1971-496: The 84 patents reviewed by the Financial Times indicate that China may plan to algorithmically adjust the supply of a central bank digital currency based on certain triggers, such as loan interest rates . Other patents are focused on building digital currency chip cards or digital currency wallets that banking consumers could potentially use, which would be linked directly to their bank accounts. The patent filings also point to

2044-546: The IATA code is derived from Guangzhou's historical romanization Canton . Baiyun Airport serves as a hub for China Southern Airlines , FedEx Express , 9 Air , Hainan Airlines and Shenzhen Airlines . In 2020, due to the impact of the COVID-19 pandemic on aviation in other countries, it was temporarily the world's busiest airport by passenger traffic, handling 43.8 million passengers. In 2023, Guangzhou Baiyun International Airport

2117-521: The National Development and Reform Commission of China. After the expansion, Baiyun Airport will have three terminals, a satellite concourse, five runways and a high-speed railway station. The airport will be able to handle 120 million passengers, 3.8 million tons freight and 775,000 aircraft movements a year. The whole expansion project is estimated to be finished in 2025. There is a free shuttle bus that goes between Terminals 1 and 2. The airport

2190-517: The People's Republic of China. It was issued only in paper 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. As

2263-412: The People's Republic of China: In 1999, a commemorative red ¥50 note was issued in honour of the 50th anniversary of the establishment of the People's Republic of China. This note features Chinese Communist Party chairman Mao Zedong on the front and various animals on the back. An orange polymer note , commemorating the new millennium was issued in 2000 with a face value of ¥100. This features

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2336-558: The Zhongshan ferry terminal and another 30 minutes to Guzhen Town. The population of Guzhen Town is estimated at 75,000 permanent residents with a floating population of up to 30,000. The area of Guzhen is divided into twenty administrative districts each with a resident committee. The town of Guzhen is bordered by Jiangmen to the West, with the Xi river serving as a boundary. The Xi river forms part of

2409-462: The aluminium ¥0.01 and ¥0.02 coins ceased in 1991, with that of the ¥0.05 halting in 1994. The small coins were still struck for annual uncirculated mint sets in limited quantities, and from the beginning of 2005, the ¥0.01 coin got a new lease on life by being issued again every year since then up to present. New designs of the ¥0.1, ¥0.5 (now brass- plated steel), and ¥1 (nickel-plated steel) were again introduced in between 1999 and 2002. The ¥0.1

2482-491: The banknotes is produced at two facilities in Baoding and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website. In addition, the People's Bank of China has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult. On 13 March 2006, some delegates to an advisory body at

2555-650: The city's major hotels, grand plaza and transportation centre, such as the Garden Hotel, Guangdong Hotel, CITIC Plaza, Haizhu Square, Tianhe Coach Station, and Guangzhou North Station. To service passengers out of Guangzhou city, the airport also provides intercity bus service. The buses will take passengers from/to Dongguan, Foshan, Zhongshan, Huizhou, Jiangmen and other destinations. Renminbi The renminbi ( Chinese : 人民币 ; pinyin : Rénmínbì ; lit. 'People's Currency'; symbol : ¥ ; ISO code : CNY ; abbreviation : RMB ), also known as

2628-796: The digital currency was unclear. In May 2023, RMB interest rate swaps was launched. In June 2023, under the Government Green Bond Programme, the Government of the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR) announced a green bonds offering, of approximately US$ 6 billion denominated in USD , EUR and RMB. As of 2019, renminbi banknotes are available in denominations of ¥0.1, ¥0.5 (1 and 5 jiao), ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. These denominations have been available since 1955, except for

2701-470: The entire project was estimated to be around ¥ 18.854 billion. Construction of the third runway began in 2012 and the runway commenced operation in early 2015. The whole project including the new terminal was scheduled to be finished in February 2018, at which time the airport will be able to handle 80 million passengers and 2.5 million tonnes of cargo a year. The third phase expansion plan has been approved by

2774-530: The excess through the state agency responsible for the management of China's exchange controls and its foreign exchange reserves, the State Administration of Exchange Control. Beginning in the mid-1980s, the government sanctioned foreign exchange markets, known as swap centres, eventually in most large cities. The government also gradually allowed market forces to take the dominant role by introducing an "internal settlement rate" of ¥2.8 to 1 US dollar which

2847-413: The government to provide imported machinery and equipment to priority industries at a relatively lower domestic currency cost than otherwise would have been possible. China's transition by the mid-1990s to a system in which the value of its currency was determined by supply and demand in a foreign exchange market was a gradual process spanning 15 years that involved changes in the official exchange rate,

2920-419: The industry, such as: Huayi, Opple lighting , Senqiu, and BECO Lights. Guangzhou Baiyun International Airport Guangzhou Baiyun International Airport ( IATA : CAN , ICAO : ZGGG ) or often branded as BAIYUNPORT is an international airport serving Guangzhou , the capital of South Central China 's Guangdong province. The airport codes were inherited from the former Baiyun Airport , and

2993-519: The integration of a digital currency system, choosing to embrace the blockchain technology. The patents reveal the extent of China's digital currency plans. The patents, seen and verified by the Financial Times , include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts. Several of

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3066-594: The last flight leaving for Taiwan just before dawn, while hub operations have moved to Baiyun Airport. The first flight that arrived at the new FedEx Asia-Pacific hub originated from Indianapolis International Airport . The MD-11 aircraft landed at 23:07 local time at Baiyun International Airport from Charles de Gaulle Airport in Paris, marking the opening and full operations of the new Asia-Pacific hub. Guangzhou Baiyun International Airport now has three runways. The third runway opened on 5 February 2015, which temporarily tackled

3139-435: The last name), and finally "People's Currency", or " renminbi ", from June 1949. From 1949 until the late 1970s, the state fixed China's exchange rate at a highly overvalued level as part of the country's import-substitution strategy. During this time frame, the focus of the state's central planning was to accelerate industrial development and reduce China's dependence on imported manufactured goods. The overvaluation allowed

3212-458: The last ¥0.5 and ¥1 issued in 1985. All jiǎo coins depicted similar designs to the fēn coins while the yuán depicted the Great Wall of China . In 1991, a new coinage was introduced, consisting of an aluminium ¥0.1, brass ¥0.5 and nickel - clad steel ¥1. These were smaller than the previous jiǎo and yuán coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of

3285-483: The late 1980s and early 1990s, China worked to make the renminbi more convertible. Through the use of swap centres, the exchange rate was eventually brought to more realistic levels of above ¥8/US$ 1 in 1994 and the FEC was discontinued. It stayed above ¥8/$ 1 until 2005 when the renminbi's peg to the dollar was loosened and it was allowed to appreciate. As of 2013, the renminbi is convertible on current accounts but not capital accounts . The ultimate goal has been to make

3358-494: The long‐standing capacity obstacle. The operation of the third runway expanded Baiyun Airport's capacity, pushing business up. Unfortunately, the third runway can only be used for landing, as its airspace conflicts with Foshan Shadi Airport . The airport is planning to build two additional runways. In August 2008, the airport's expansion plan was approved by the National Development and Reform Commission . It included

3431-441: The nearest yuan (such as ¥9 or ¥10). In 1953, aluminium ¥0.01, ¥0.02, and ¥0.05 coins began being struck for circulation, and were first introduced in 1955. These depict the national emblem on the obverse (front) and the name and denomination framed by wheat stalks on the reverse (back). In 1980, brass ¥0.1, ¥0.2, and ¥0.5 and cupro-nickel ¥1 coins were added, although the ¥0.1 and ¥0.2 were only produced until 1981, with

3504-457: The necessary time to fully test all systems and processes, as well as work closely with the Guangzhou authorities to ensure all necessary approvals are in place". On 17 December 2008, the hub completed its first flight operations test. A FedEx MD-11 aircraft took off from Subic Bay International Airport in the Philippines and landed at Baiyun Airport at 05:50 local time. The flight was handled by

3577-507: The new Baiyun Airport opened and the old airport was closed. The current airport is located in the outskirts of Guangzhou's Baiyun District and Huadu and opened on 5 August 2004 as a replacement for the 72-year-old, identically named former airport , which is now closed. Built at a cost of 19.8 billion yuan , the new airport is 28 kilometres (17 mi) north of downtown Guangzhou and nearly five times larger than its predecessor. "Baiyun" ( 白云 ) means "white cloud" in Chinese and refers to

3650-563: The new FedEx hub team, using the FedEx ramp control tower and the new 24,000 package per hour sort system. Following a successful operations' process, the flight departed on time for its final destination at Charles de Gaulle Airport in Paris, France. This Asia-Europe flight route operated four times per week during test run. FedEx also announced that the hub would start operation on 6 February 2009. FedEx closed its 13-year-old Asia-Pacific hub at Subic Bay of northern Philippines on 6 February 2009, with

3723-440: The new advanced system, up to 24,000 packages can be sorted an hour at the start of operations. Construction began in 2006 and the hub was originally scheduled to open on 26 December 2008. On 17 November 2008, after several months of testing, FedEx announced that the opening date was delayed to the first half of 2009 when the hub was expected to be fully operational. FedEx claimed that the revised operation date "provided FedEx with

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3796-457: The note has a tactile representation of the denomination in Chinese Braille starting from the fourth series. See corresponding section for detailed information. The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid fractional values (such as ¥9.99), opting instead to round to

3869-628: The official currency of the United Kingdom . Jiao and fen are also units of renminbi. In everyday Mandarin , kuai (Chinese: 块 ; pinyin: kuài ; lit. 'piece') is usually used when discussing money and "renminbi" or "yuan" are rarely heard. Similarly, Mandarin speakers typically use mao (Chinese: 毛 ; pinyin: máo ) instead of jiao. For example, ¥8.74 might be read as 八块七毛四 ( pinyin : bā kuài qī máo sì ) in everyday conversation, but read 八元七角四分 ( pinyin : bā yuán qī jiǎo sì fēn ) formally. Renminbi

3942-458: The past two decades. Guzhen's growth at the turn of the millennium was unprecedented, boasting a 50% increase in lighting enterprises from 1999 to 2001, with exports increasing from $ 40 million to $ 250 million. In the year 2013, total exports for lighting items from Guzhen Town exceeded $ 1 billion, as per unofficial sources. While Guzhen now primarily produces non-branded OEM goods for international companies, it has spawned some domestic players in

4015-645: The proposed ‘ tokenomics ’ being considered by the DCEP working group. Some patents show plans towards programmed inflation control mechanisms. While the majority of the patents are attributed to the PBOC's Digital Currency Research Institute, some are attributed to state-owned corporations or subsidiaries of the Chinese central government. Uncovered by the Chamber of Digital Commerce (an American non-profit advocacy group), their contents shed light on Beijing's mounting efforts to digitise

4088-556: The real barriers to internationalisation of the renminbi are China's capital controls, which it has no plans to remove. Maximilian Kärnfelt, an expert at the Mercator Institute for China Studies , said that a digital renminbi "would not banish many of the problems holding the renminbi back from more use globally". He went on to say, "Much of China's financial market is still not open to foreigners and property rights remain fragile." The PBOC has filed more than 80 patents surrounding

4161-623: The removal of previous restrictions. Terminal 1 has three components, Main Terminal, Area A and Area B. All check-in counters and most retail stores are placed at the Main Terminal. The two concourses controlled by individual security checkpoints, named Area A and Area B, are the boarding gates, security checkpoints, border control, customs and quarantine, baggage reclaim and relative facilities. Since 24 January 2016, East Piers 1 and 2 are dedicated to serve international flights; domestic flights occupy

4234-538: The renminbi , on 30 November 2015, the IMF voted to designate the renminbi as one of several main world currencies, thus including it in the basket of special drawing rights . The renminbi became the first emerging market currency to be included in the IMF's SDR basket on 1 October 2016. The other main world currencies are the dollar , the euro , sterling , and the yen . In October 2019, China's central bank, PBOC , announced that

4307-473: The renminbi became the first emerging market currency to be included in the IMF 's special drawing rights basket, the basket of currencies used by the IMF as a reserve currency. Its initial weighting in the basket was 10.9%. The ISO code for the renminbi is CNY , the PRC's country code (CN) plus "Y" from "yuan". Hong Kong markets that trade renminbi at free-floating rates use the unofficial code CNH . This

4380-441: The renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies . The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi , it became the world's 8th most traded currency in 2013, 5th by 2015, but 6th in 2019. On 1 October 2016,

4453-450: The renminbi fully convertible. However, partly in response to the Asian financial crisis in 1998, China has been concerned that the Chinese financial system would not be able to handle the potential rapid cross-border movements of hot money , and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government. Following the internationalization of

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4526-493: The renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity . However, more recently, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks , have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012. Since 2006,

4599-505: The renminbi, which has sparked alarm in the West and spurred central bankers around the world to begin exploring similar projects. Some commentators have said that the U.S., which has no current plans to issue a government-backed digital currency, risks falling behind China and risking its dominance in the global financial system. Victor Shih , a China expert and professor at the University of California San Diego , said that merely introducing

4672-718: The rest. Terminal 2 opened on 26 April 2018, with an area measuring over 808,700 square metres, making it one of the world's largest airport terminal facilities. Terminal 2 is the main hub of China Southern Airlines , while also housing airlines such as China Airlines , Korean Air , Vietnam Airlines , Garuda Indonesia , Saudia , Thai Airways International , Sichuan Airlines , Aeroflot , Egyptair , Singapore Airlines , AirAsia , Qatar Airways , Kenya Airways , Japan Airlines , All Nippon Airways , Asiana Airlines , Air Tanzania , Cathay Pacific , and more. Most SkyTeam and few Star Alliance member airlines will also typically operate in Terminal 2. The new transport centre (GTC)

4745-475: The use of a dual exchange rate system, and the introduction and gradual expansion of markets for foreign exchange. The most important move to a market-oriented exchange rate was an easing of controls on trade and other current account transactions, as occurred in several very early steps. In 1979, the State Council approved a system allowing exporters and their provincial and local government owners to retain

4818-437: The ¥20 notes (added in 1999 with the fifth series) ¥50 and ¥100 notes (added in 1987 with the fourth series). Coins are available in denominations from ¥0.01 to ¥1 (¥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

4891-488: Was a devaluation of almost 100%. In the process of opening up China to external trade and tourism, transactions with foreign visitors between 1980 and 1994 were done primarily using Foreign exchange certificates ( 外汇券 , waihuiquan ) issued by the Bank of China . Foreign currencies were exchangeable for FECs and vice versa at the renminbi's prevailing official rate which ranged from US$ 1 = ¥2.8 FEC to ¥5.5 FEC. The FEC

4964-421: Was also loosened and capital inflows to China surged. During the era of the command economy , the value of the renminbi was set to unrealistic values in exchange with Western currency and severe currency exchange rules were put in place, hence the dual-track currency system from 1980 to 1994 with the renminbi usable only domestically, and with Foreign Exchange Certificates (FECs) used by foreign visitors. In

5037-596: Was issued as banknotes from ¥0.1 to ¥100, and was officially at par with the renminbi. Tourists used FECs to pay for accommodation as well as tourist and luxury goods sold in Friendship Stores . However, given the non-availability of foreign exchange and Friendship Store goods to the general public, as well as the inability of tourists to use FECs at local businesses, an illegal black market developed for FECs where touts approached tourists outside hotels and offered over ¥1.50 RMB in exchange for ¥1 FEC. In 1994, as

5110-514: Was later surpassed by the expanded hub at Paris' Charles de Gaulle Airport . The hub has its own ramp control tower, a first for an international air express cargo company facility in China, which enables FedEx to control aircraft movements on the ground, aircraft parking plans as well as loading and unloading priorities. Included at the hub are a unique package and sorting system with 16 high-speed sorting lines, seven round-out conveyor belts and 90 primary and secondary document-sorting splits. With

5183-740: Was significantly reduced in size, and in 2005 its composition was changed from aluminium to more durable nickel-plated steel. An updated version of these coins was announced in 2019. While the overall design is unchanged, all coins including the ¥0.5 are now of nickel-plated steel, and the ¥1 coin was reduced in size. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas (with 5-jiǎo and 1-yuán coins used in vending machines), and small notes being more popular in rural areas. Older fēn and large jiǎo coins are uncommonly still seen in circulation, but are still valid in exchange. As of 2023, there have been five series of renminbi banknotes issued by

5256-415: Was the silver dragon dollar introduced in 1889. Various banknotes denominated in dollars or yuan were also introduced, which were convertible to silver dollars until 1935 when the silver standard was discontinued and the Chinese yuan was made fabi ( 法币 ; legal tender fiat currency ). The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of

5329-426: Was the world's twelfth- busiest airport by passenger traffic , with 63.1 million passengers handled, and the busiest in China . As for cargo traffic, the airport was China's second-busiest and the world's eleventh-busiest . The old Baiyun Airport opened in 1932. Due to the expansion of Guangzhou, the airport could not expand to meet passengers needs as buildings and mountains surrounded the airport. On 5 August 2004,

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