Chinese Yuan Renminbi | China Renminbi Currency

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Chinese Renminbi Currency:

Renminbi is the official currency of People’s Republic of China. Renminbi is also referred to by the other name as Chinese Yuan, without any difference practically though there is a subtle conceptual variance between the two names. The wafer thin theoretical difference between Renminbi and Chinese Yuan is comparable with that of Pound Sterling and its more fundamental unit Sterling. One Yuan is divided into 10 equal parts called jiaos and each jiao is further sub-divided ten more equal parts called fens. The sovereign authority for issuance of its official currency is vested with People’s Bank of China.

Renminbi is also accepted in making payments in Hong Kong and Macau and exchangeable between the two territories. The unofficial users of the currency are North Korea (until November 2009), Myanmar (in Kokang and Wa), Hong Kong and Macau.

The frequently used paper currency notes are ¥0.1, ¥0.5, ¥1, ¥5, ¥10,¥ 20, ¥50, ¥100. The rarely used currency notes are ¥ 0.2, and ¥2. The frequently used currency notes are ¥0.1, ¥ 0.5, ¥1 and the rarely used coins are ¥0.01, ¥0.02 and ¥0.05. As in April 2016, Renminbi was ranked as 8^th most traded currency by value worldwide in terms of foreign exchange market turnover.