A Overview of Today's Chinese Currency
(If you come from the previous page of China Currency , you can skip this overview to see the fourth version of China currency below.)
The present China currency is called Yuan. Its code is CNY.
Chinese people called it Reminbi (or Ren Min Bi, RMB), meaning "people's currency."
There are three basic measuring units for Chinese currency, the first one and also the primary one is Yuan (or Kuai as many called it), which is equivalent to the measuring units like the dollar and pound.
The other two are Jiao and Fen, which function like the dime and cent in American currency.
Jiao is also referred to as Mao by many Chinese. For the sentence "I spent two Jiao for this bag," they may just say, "I spent two Mao for this bag."
Here are the currency values and conversion formulas for the three Chinese money units:
For example: 8.88 yuan = 8 yuan 8 jiao 8 fen (or 8 kuai 8 mao 8 fen).
It's good to familiarize yourself with Chinese money.
(You may be aware why we used 8 in this example. Yes, eight is one of the Chinese lucky numbers. We wish you good luck in China!)
There are five versions of Chinese currency. The following is the fourth one, which was presented by People's Bank of China on April 27, 1987 when China's development began to pick up speed. The biggest bill is 50 yuan.
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