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73-662: Census procedure was governed by the Regulations on National Population Census and the Circular of the State Council on the Conduct of the 6th National Population Census. The census cost 700 million RMB . The main findings of the census were published on April 28, 2011. It found the total population of Mainland China to be 1,339,724,852 persons, an increase of 73,899,804 persons from the previous census conducted in 2000 . This represented

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

292-478: 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 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

365-424: 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

438-516: A "hard space" ( non-breaking space ) and the amount: and for texts in Bulgarian , Croatian , Czech , Danish , Dutch , Estonian , Finnish , French , German , Greek , Hungarian , Italian , Lithuanian , Polish , Portuguese , Romanian , Slovak , Slovene , Spanish , and Swedish the order is reversed; the amount is followed by a non-breaking space and the ISO ;4217 code: As illustrated,

511-463: 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 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')

584-594: 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

657-493: 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

730-406: A growth rate of 5.84% over the decade, and an average annual growth rate of 0.57%. The population undercount rate of the census was estimated at 0.12%. The census also listed the population of Hong Kong Special Administrative Region as 7,097,600 persons, the population of Macau Special Administrative Region as 552,300 persons, and the population of Taiwan as 23,162,123 persons. The census found

803-403: 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)

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876-618: A list of all currently pegged currencies. Despite having no presence or status in the standard, three letter acronyms that resemble ISO 4217 coding are sometimes used locally or commercially to represent de facto currencies or currency instruments. The following non-ISO codes were used in the past. Minor units of currency (also known as currency subdivisions or currency subunits) are often used for pricing and trading stocks and other assets, such as energy, but are not assigned codes by ISO 4217. Two conventions for representing minor units are in widespread use: A third convention

949-473: A number of reasons for this: In addition to codes for most active national currencies ISO 4217 provides codes for "supranational" currencies, procedural purposes, and several things which are "similar to" currencies: The use of an initial letter "X" for these purposes is facilitated by the ISO ;3166 rule that no official country code beginning with X will ever be assigned. The inclusion of EU (denoting

1022-471: A population) at birth was 118.06 boys to every 100 girls (54.14%) in 2010. 16.60% of the population was aged 0–14, 70.14% was aged 15–59, and 13.26% were aged 60 or over. This represented a decrease of 6.29% in the share of the population in the youngest age group, and increases of 3.36% and 2.93% for the 15-59 and 60+ shares, respectively. 91.51% of the population was of the Han Chinese nationality, and 8.49%

1095-662: 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

1168-424: 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

1241-665: A total of 1,020,145 additional persons. 605,821 of these were male, and 414,324 were female. Of the foreign nationals, 120,750 were from the Republic of Korea , 71,493 were from the United States , 66,159 were from Japan , 39,776 were from Myanmar , 36,205 were from Vietnam , 19,990 were from Canada , 15,087 were from France , 15,051 were from India , 14,446 were from Germany , and 13,286 were from Australia . The remaining 181,589 were from other countries. According to The Economist , China had only 1,448 naturalised Chinese in total at

1314-487: A total of 401,517,330 family households in Mainland China, with an average of 3.10 persons per household, a decrease of 0.34 persons from the 2000 census. 51.27% of the population is male, and 48.73% is female, giving a male to female ratio of 105.20 men for every 100 women, a decrease from the 2000 figure of 106.74. 49.68% of the population resided in urban areas, and 50.32% resided in rural areas, an increase of 13.46% in

1387-513: Is also the ISO 3166-1 code for "US" (United States). The following is a list of active codes of official ISO 4217 currency names as of 1 January 2024 . In the standard the values are called "alphabetic code", "numeric code", "minor unit", and "entity". According to UN/CEFACT recommendation 9, paragraphs 8–9 ECE/TRADE/203, 1996: A number of currencies had official ISO 4217 currency codes and currency names until their replacement by another currency. The table below shows

1460-638: 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

1533-512: 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

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1606-506: 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 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

1679-404: 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 is sometimes referred to as

1752-914: 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

1825-519: The European Union ) in the ISO 3166-1 reserved codes list allows the euro to be coded as EUR rather than assigned a code beginning with X, even though it is a supranational currency. ISO 4217 also assigns a three-digit numeric code to each currency. This numeric code is usually the same as the numeric code assigned to the corresponding country by ISO 3166-1 . For example, USD ( United States dollar ) has numeric code  840 which

1898-529: The National People's Congress proposed to include Sun Yat-sen and Deng Xiaoping on the renminbi banknotes. However, the proposal was not adopted. ISO 4217 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about

1971-539: 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)

2044-498: The 2010 census. Renminbi The renminbi ( Chinese : 人民币 ; pinyin : Rénmínbì ; lit. 'People's Currency'; symbol : ¥ ; ISO code : CNY ; abbreviation : RMB ), also known as 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

2117-705: 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

2190-496: 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

2263-481: 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, 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

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2336-610: The ISO Technical Committee 68 decided to develop codes for the representation of currencies and funds for use in any application of trade, commerce or banking. At the 17th session (February 1978), the related UN / ECE Group of Experts agreed that the three-letter alphabetic codes for International Standard ISO 4217, "Codes for the representation of currencies and funds", would be suitable for use in international trade. Over time, new currencies are created and old currencies are discontinued. Such changes usually originate from

2409-488: The ISO currency codes of former currencies and their common names (which do not always match the ISO 4217 names). That table has been introduced end 1988 by ISO. The 2008 (7th) edition of ISO 4217 says the following about minor units of currency: Requirements sometimes arise for values to be expressed in terms of minor units of currency. When this occurs, it is necessary to know the decimal relationship that exists between

2482-404: The ISO 4217 alpha codes for the more common currencies are so well known publicly that exchange rates published in newspapers or posted in banks use only these to delineate the currencies, instead of translated currency names or ambiguous currency symbols . ISO 4217 alpha codes are used on airline tickets and international train tickets to remove any ambiguity about the price. In 1973,

2555-517: 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

2628-412: 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

2701-648: The United States dollar and the Bahraini dinar , for which the column headed "Minor unit" shows "2" and "3", respectively. As of 2021 , two currencies have non-decimal ratios, the Mauritanian ouguiya and the Malagasy ariary ; in both cases the ratio is 5:1. For these, the "Minor unit" column shows the number "2". Some currencies, such as the Burundian franc , do not in practice have any minor currency unit at all. These show

2774-462: 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

2847-491: 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

2920-489: 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 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

2993-478: The currency concerned and its minor unit. This information has therefore been included in this International Standard and is shown in the column headed "Minor unit" in Tables A.1 and A.2; "0" means that there is no minor unit for that currency, whereas "1", "2" and "3" signify a ratio of 10:1, 100:1 and 1000 :1 respectively. The names of the minor units are not given. Examples for the ratios of 100 :1 and 1000 :1 include

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3066-500: The currency's full English name, this is not always the case, as currencies such as the Algerian dinar , Aruban florin , Cayman dollar , renminbi , sterling , and the Swiss franc have been assigned codes which do not closely resemble abbreviations of the official currency names. In some cases, the third letter of the alpha code is not the initial letter of a currency unit name. There may be

3139-796: 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

3212-530: 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

3285-513: 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, 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

3358-409: The formation of new countries, treaties between countries on shared currencies or monetary unions, or redenomination from an existing currency due to excessive inflation. As a result, the list of codes must be updated from time to time. The ISO 4217 maintenance agency is responsible for maintaining the list of codes. In the case of national currencies, the first two letters of the alpha code are

3431-413: 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,

3504-519: 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

3577-435: 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

3650-458: 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

3723-483: 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

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3796-441: 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

3869-457: 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

3942-540: The number with higher education has increased from 3,611 to 8,930, the number with senior secondary education has increased from 11,146 to 14,032, the number with junior secondary education increased from 33,961 to 38,788, and the number of people with only primary education decreased from 35,701 to 26,779. The illiteracy rate declined from 6.72% to 4.08%. The census also recorded 593,832 foreign nationals, 234,829 residents of Hong Kong SAR, 21,201 residents of Macau SAR, and 170,283 residents of Taiwan residing in Mainland China,

4015-521: The number "0", as with currencies whose minor units are unused due to negligible value. The ISO standard does not regulate either the spacing, prefixing or suffixing in usage of currency codes. The style guide of the European Union 's Publication Office declares that, for texts issued by or through the Commission in English , Irish , Latvian , and Maltese , the ISO 4217 code is to be followed by

4088-508: The order is determined not by the currency but by the native language of the document context. The US dollar has two codes assigned: USD and USN ("US dollar next day"). The USS (same day) code is not in use any longer, and was removed from the list of active ISO 4217 codes in March 2014. A number of active currencies do not have an ISO 4217 code, because they may be: These currencies include: See Category:Fixed exchange rate for

4161-414: The proportion of the urban population . 261,386,075 people had lived in a place different from their household registration for at least six months, with 221,426,652 of these living in a different city from their registration. According to the 2010 census, males account for 51.27% of China's 1.34 billion people, while females made up 48.73% of the total. The sex ratio (the number of males for each female in

4234-645: 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

4307-556: 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

4380-467: The relationships between individual currencies and their minor units. This data is published in three tables: The first edition of ISO 4217 was published in 1978. The tables, history and ongoing discussion are maintained by SIX Group on behalf of ISO and the Swiss Association for Standardization . The ISO 4217 code list is used in banking and business globally. In many countries,

4453-447: 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

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4526-450: 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

4599-552: 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

4672-445: The two letters of the ISO 3166-1 alpha-2 country code and the third is usually the initial of the currency's main unit. So Japan 's currency code is JPY : "JP" for Japan and "Y" for yen . This eliminates the problem caused by the names dollar , franc , peso , and pound being used in dozens of countries, each having significantly differing values. While in most cases the ISO code resembles an abbreviation of

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

4818-455: 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, 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

4891-437: 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

4964-488: 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

5037-421: 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

5110-596: 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

5183-470: Was of other ethnic groups . The Han population increased by 5.74%, and the population of other groups increased by a combined 6.92%. The census found that, in Mainland China, 119,636,790 people had completed higher education, 187,985,979 had completed only senior secondary education, 519,656,445 had completed only junior secondary education, 358,764,003 had completed only primary education, and 54,656,573 were illiterate. Since 2000, out of every 100,000 people,

5256-740: 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

5329-415: 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

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