Renminbi

The renminbi is the currency of the People's Republic of China. It is the main currency used in mainland China. It is also sometimes accepted in Hong Kong and Macau, and can be easily exchanged in those territories. The currency is issued by the People's Bank of China, the monetary authority of China.Article 2,  Its name means "people's currency".

The main unit of renminbi is the yuán. One yuan is divided into 10 jiǎo. One jiǎo is subdivided into 10 fēn. Renminbi banknotes are available in denominations from 1 jiao to 100 yuan (¥0.1–100). Coins have denominations from 1 fen to 1 yuan (¥0.01–1). Some denominations exist in both coin and banknote form. Coins under ¥0.1 are rarely used.

Currently, only ¥20,000 can be taken in or out of China without declaring it, or telling customs that you have it.

References

More reading

 Ansgar Belke, Christian Dreger und Georg Erber: Reduction of Global Trade Imbalances: Does China Have to Revalue Its Currency? In: Weekly Report. 6/2010, Nr. 30, 2010, , S. 222–229 (PDF-File; DIW Online).



Category:Currency of Asia
Category:People's Republic of China