Revision 106323 of "ރެންމިބީ" on dvwiki

:''This article is about the currency. For other uses, see [[Renminbi (disambiguation)]].''
{{redirect4|CNY|RMB}}
{{Infobox Currency
| currency_name_in_local = 人民币 <small>{{zh icon}}</small>
| image_1 = RMB100&1.PNG
| image_title_1 = ¥100 banknote and 1 jiao coin
| iso_code = CNY
| using_countries = [[Mainland China|Mainland]] of the [[People's Republic of China]]
| inflation_rate = 1.5%
| inflation_source_date = ''[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'', 2006 est.
| pegged_with = A basket of currencies
| subunit_ratio_1 = 1/10
| subunit_name_1 = jiao (角)
| subunit_ratio_2 = 1/100
| subunit_name_2 = fen (分)
| symbol = [[¥]]
| nickname = kuài (块)
| nickname_subunit_1 = máo (毛)
| no_plural = Y
| rarely_used_coins = 1, 2, 5 fen
| frequently_used_coins = 1, 5 jiao, ¥1
| used_banknotes = ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
| issuing_authority = [[People's Bank of China]]
| issuing_authority_website = www.pbc.gov.cn
}}
The '''renminbi''' ({{zh-stpl|s=人民币|t=人民幣|p=rénmínbì|l=people's currency}}) is the official [[currency]] in the [[mainland China|mainland]] of the [[People's Republic of China]] (PRC).<ref>Article 16, {{cite web | date=[[2003-12-27]] | url= http://www.cin.gov.cn/law/main/2004010802.htm | title= The People's Bank of China Law of the People's Republic of China}}.</ref>, whose principal unit is the '''yuan''' ({{zh-spw|s=元 or 圆|p=yuán|w=yüan}}). It is issued by the [[People's Bank of China]], the monetary authority of the PRC.<ref>Article 2, {{cite web | date=[[2003-12-27]] | url= http://www.cin.gov.cn/law/main/2004010802.htm | title= The People's Bank of China Law of the People's Republic of China}}</ref> The official [[ISO 4217]] abbreviation is CNY, although also commonly abbreviated as "RMB". The Latinised symbol is [[¥]].

The two [[Special Administrative Region of the People's Republic of China|special administrative regions]], [[Hong Kong]] and [[Macau]], have their own respective currencies. According to the [[one country, two systems]] principle and the basic laws of the two territories,<ref>{{cite web | date= [[1990-04-04]] | url= http://www.info.gov.hk/basic_law/fulltext/content0202.htm | title= The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law.}}</ref> <ref>{{cite web | date= [[1993-03-31]] | url= http://www.umac.mo/basiclaw/english/ch2.html | title= The Basic Law of the Macao Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law. }}</ref> national laws generally do not apply. Therefore, the [[Hong Kong dollar]] and the [[Macanese pataca|pataca]] remain the legal tenders in the two territories, and renminbi, although accepted, is not legal tender.

== History ==
{{Unreferenced|date=March 2007}}
The renminbi was first issued by the [[People's Bank of China]] in December 1948, about a year before the [[Chinese Communist Party]]'s victory in the [[Chinese Civil War]]. One of the first tasks of the new communist government was to end the [[hyperinflation]] that had plagued China near the end of the [[Kuomintang]] (KMT) era. A revaluation occurred in 1955 at the rate of 1 new yuan =10,000 old yuan.

During the era of the [[command economy]], the value of the RMB was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a [[dual track currency system]] was instituted, with renminbi usable only domestically, and with foreigners forced to use [[foreign exchange certificates]]. The unrealistic levels at which [[exchange rate]]s were pegged led to a strong [[black market]] in currency transactions.

In the late 1980s and early 1990s, the PRC worked to make the RMB more convertible. Through the use of [[swap centers]], the exchange rate was brought to realistic levels and the dual track currency system was abolished.

The RMB is convertible on [[current account]]s, but not [[capital account]]s. The ultimate goal has been to make the RMB fully convertible. However, partly in response to the [[Asian financial crisis]] in [[1998]], the PRC has been concerned that the mainland Chinese financial system would not be able to handle the potential rapid cross border movements of [[hot money]], and as a result, as of 2003, full convertibility remains a distant goal.

== Use outside of mainland China ==
Under the [[one country, two systems]] policy, [[Hong Kong]] maintains a separate currency, the [[Hong Kong dollar]]. The RMB is the second most popular currency in [[Hong Kong]] and is becoming the principal trading currency in the region.<ref>{{cite news | title=Chinese Renminbi: Strong Currency in Asia | url=http://www.china.org.cn/english/2003/Mar/60270.htm | publisher=China.org.cn | date=[[2003-03-30]] | accessdate=2007-01-13}}</ref><ref>{{cite news | title=China's renminbi goes global | url=http://www.chinadaily.com.cn/chinagate/doc/2003-07/07/content_253307.htm | publisher=chinagate.com.cn | date=[[2003-07-07]] | accessdate=2007-01-13}}</ref> Banks in Hong Kong allow people to maintain accounts in RMB. <ref>{{cite news | title=Hong Kong banks to conduct personal renminbi business on trial basis | url=http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | publisher=Hong Kong Monetary Authority | date=18 November 2003 | accessdate=2007-03-22}}</ref>

[[Macau]], with its own [[one country, two systems]] policy, maintains the separate [[Macau pataca|pataca]] as its currency. The RMB has always had a presence even before the 1999 return to the People's Republic of China from [[Portugal]]. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi based credit cards can not be used in Macau's [[casino]]s. <ref>{{cite news | title=Macao gets green light for RMB services | url=http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | publisher=China Daily | date=2004-08-05 | accessdate=2007-03-22}}</ref>

Usage of the renminbi in [[Taiwan]] is illegal. The [[Republic of China]] government believes wide usage of the renminbi would create an [[Black market|underground economy]] and undermine its [[sovereignty]].<ref>{{cite news | title=Regular Press Breifing of the Mainland Affairs Council | url=http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm | publisher=Mainland Affairs Council | date=January 5, 2007 | accessdate=2007-03-21}}</ref> Tourists are allowed to bring in up to 20,000 renminbi when visiting Taiwan. These renminbi must be converted to the [[New Taiwan dollar]] at trial exchange sites in [[Matsu]] and [[Kinmen]].<ref>{{cite news | title=CBC head urges immediate liberalization of reminbi conversion | url=http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | publisher=Government Information Office, Taiwan | date=12/26/2006 | accessdate=2007-03-21}}</ref>  Taiwan insists that the mainland needs to sign a bilateral foreign exchange settlement agreement before they will allow full [[convertibility]].<ref>{{cite news | title=Taiwan prepares to allow renminbi exchange | url=http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html | publisher=Financial Times | date=January 3, 2007 | accessdate=2007-03-13}}</ref>

In [[Mongolia]], the RMB occupies 60% of the local cash circulation. [[Cambodia]] and [[Nepal]] welcome the renminbi as an official currency and [[Laos]] and [[Myanmar]] allow it in border provinces. Though unofficial, [[Vietnam]] recognizes the exchange of renminbi to [[đồng]].<ref>{{cite news | title=RMB increases its influence in neighboring areas | url=http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | publisher=[[People's Daily]] | date=[[2004-02-17]] | accessdate=2007-01-13}} </ref>

== Yuan and other renminbi units ==
{{Unreferenced|date=March 2007}}
The base unit of the renminbi is the ''[[Chinese yuan|yuan]]''. As with [[Chinese numerals]], this character has two forms — a common simplified form (元) and a formal form (圆/圓) used to prevent alterations and accounting mistakes. 

''Yuan'' is a one syllable word and in [[Chinese language|Chinese]] literally means ''round'', after the round shape of ancient Chinese coins by the same name. The Korean and Japanese currency names, ''[[won]]'' and ''[[yen]]'' respectively, are [[cognates]] of the ''yuan'' and have the same [[Chinese character]] ([[hanja]]/[[kanji]]) representation, but in different forms (respectively, 원/圓 and 円/圓), also meaning ''round'' in [[Korean language|Korean]] and [[Japanese language|Japanese]]. However, they do not share the same names for the subdivisions (''fen'', ''jiao''). 

One ''yuan'' is divided into 10 ''jiao'' (角), and one ''jiao'' is divided into 10 ''fen'' (分). So 3.45 yuan would be spoken of as "3 ''yuan'' 4 ''jiao'' 5 ''fen''", as opposed to "3 ''yuan'' 45 ''fen''". In colloquial usage, other names are frequently employed; see ''[[Chinese yuan|yuan]]'' for details.  ''Yuan'' is also commonly translated into English simply as the "dollar."  

[[ފައިލް:9yuan.jpg|thumb|110px|Chinese price sticker (€ 1)]]
Although shop prices in the PRC are usually marked with 元 after the digits, a Y with one or two crossbars (¥) before the numeral digits is also common. Some people using an American keyboard may type CN$ out of convenience for the ¥ symbol.

The largest denomination of the renminbi is the 100-''yuan'' [[banknote|note]]. The smallest is the 1-''fen'' [[coin]] or note.  One of the more interesting things to note is that all denominations are available as banknotes.  The ''fen'' notes are now rather insignificant, and the design has not changed since [[1953]].  Since [[sales tax]] in China are included in the prices, the ''fen'' and ''jiao'' have become increasingly unnecessary as prices increase.  Chinese retail prices also tend to avoid decimal values (such as $9.98), opting instead for integer values of ''yuan'' (such as ¥9 or ¥10).<ref>{{cite news | author = Coldness Kwan | title= Do you get one fen change at Origus? | url= http://www.chinadaily.com.cn/china/2007-03/06/content_821037.htm | publisher= China Daily | date=[[2007-03-06]] | accessdate=2007-03-26 }}</ref>

== RMB series ==
[[ފައިލް:Yuan collection.jpg|thumb|200px|Collection of Chinese yuan (renminbi) paper currency.]]
The denomination of each banknote is given in [[Chinese language|Chinese]]. The numbers themselves are given in financial [[Chinese numeral]] characters, as well as [[Arabic numerals]]. The denomination and the words 'China People's Bank' are also given in [[Mongol language|Mongol]], [[Tibetan language|Tibetan]], [[Uyghur language|Uyghur]] and [[Zhuang language|Zhuang]] on the back of each banknote. On the front of the note is also the representation of the denomination in Chinese [[Braille]] starting from the fourth series.

The use of coins varies from place to place. For example, coins are more often used for values less or equal to ¥1 in [[Shanghai]], but banknotes of the lower value are more often used than coins in [[Beijing]].

=== First series ===
{{main|First series of the renminbi}}
The first series of Renminbi banknotes was introduced during the [[Chinese Civil War]] by the newly-founded [[People's Bank of China]] on [[December 1]], [[1948]], nearly one year before the founding of the [[People's Republic of China]] itself.

The notes were issued in 12 denominations: ¥1, ¥5, ¥10, ¥20, ¥50, ¥100, ¥200, ¥500, ¥1,000, ¥5,000, ¥10,000 and ¥50,000, with a total of 62 designs. They were officially withdrawn on various dates between [[April 1]], [[1955]] to [[May 10]], [[1955]].

=== Second series ===
{{main|Second series of the renminbi}}
The second series of Renminbi banknotes was introduced since [[March 1]], [[1955]]. Together with the introduction of the second series, the decimal point was moved 4 places to the left. As a result, one first series ¥10,000 note is equivalent to one second series ¥1 note.

Each note has the words "People's Bank of China" as well as the denomination in the [[Uyghur language|Uyghur]], [[Tibetan language|Tibetan]], [[Mongol language|Mongol]] and [[Zhuang language|Zhuang]] languages on the back, which has since appeared in each series of renminbi notes.

The denominations available were ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5, ¥10.

=== Third series ===
{{main|Third series of the renminbi}}
The third series of renminbi banknotes was introduced since [[April 15]], [[1962]]. For the next two decades, the second and third series banknotes were used concurrently.

¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10

The third series was phased out over the 1990s and recalled completely on the 1/7/2000, this date is valid for all of the denominations with only one date provided.

=== Fourth series ===
{{main|Fourth series of the renminbi}}
The fourth series was introduced between 1987 and [[1997]], although the banknotes were dated [[1980]], [[1990]], or [[1996]]. Unlike the third series, they are still legal tender. Banknotes are available in:

¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50, ¥100

and newly designed coins of ¥0.1, ¥0.5, and ¥1.

=== Fifth series ===
{{main|Fifth series of the renminbi}}
In 1999, a new series of renminbi banknotes and coins was progressively introduced. The fifth series consists of coins of ¥0.1, ¥0.5, and ¥1 and banknotes of ¥1, ¥5, ¥10, ¥20, ¥50, ¥100

=== Possible future design ===
On [[March 13]], [[2006]], some delegates to an advisory body at the [[National People's Congress]] proposed to include [[Sun Yat-sen]] and [[Deng Xiaoping]] on the renminbi banknotes. However, the proposal is a long way from becoming law.<ref>{{cite web|author= Quentin Sommerville|url=http://news.bbc.co.uk/2/hi/asia-pacific/4801486.stm|title=China mulls Mao banknote change|publisher=''BBC News, Shanghai''|date=Monday, 13 March 2006|accessdate=2007-03-18}}</ref>

== Exchange rate ==
{{Unreferenced|date=March 2007}}
{{accuracy}}
China's currency, which for the previous decade had been tightly pegged at 8.28 renminbi to the [[United States dollar|U.S. dollar]], was revalued on [[July 21]], [[2005]] to 8.11 per U.S. dollar, following the removal of the peg to the US dollar and pressure from the United States. The People's Bank of China also announced that the renminbi would be pegged to a [[basket (finance)|basket]] of foreign currencies, rather than being strictly tied to the U.S. dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies.  The PRC has stated that the basket is dominated by the [[United States dollar|U.S. dollar]], [[Euro]], [[yen|Japanese yen]] and [[South Korean won]], with a smaller proportion made up of the [[Pound sterling|British pound]], [[Thai baht]], [[Russian ruble]], [[Australian dollar]], [[Canadian dollar]] and [[Singapore dollar]].

As of [[May 5]], [[2007]] the renminbi traded at 7.704 yuan per U.S. dollar which is a 7.5% increase since the removal of the peg.  Even though some American politicians accuse China of undervaluing its currency, most of the economists agree that it is either slightly undervalued or not all all.  http://www.globalresearch.ca/index.php?context=viewArticle&code=LIU20070215&articleId=4816

=== Purchasing power parity ===
The [[World Bank]] estimated (in [http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm ''World Development Indicators 2006'']) that, by [[purchasing power parity]], one [[United States dollar]] was equivalent to approximately ¥1.9 in [[2004]].

The [[International Monetary Fund]] estimated (in [http://www.imf.org/external/pubs/ft/weo/2007/01/data/weorept.aspx?sy=2004&ey=2007&sort=country&ds=.&br=1&c=924&s=PPPEX&grp=0&a=&pr1.x=62&pr1.y=9 ''World Economic Outlook Database, April 2007'']) that, by [[purchasing power parity]], one [[United States dollar]] was equivalent to approximately ¥2.021 in [[2004]], ¥2.047 in [[2005]], ¥2.062 in [[2006]], and is expected to be equivalent to approximately ¥2.095 in [[2007]].
{{Exchange Rate|CNY|TWD|KRW}}

== See also ==
* [[Chinese lunar coins]]
* [[Economy of the People's Republic of China]]

== References ==
{{reflist}}

== External links ==
* {{zh icon}} {{en icon}} [http://www.sinobanknote.net/ SinoBanknote]
{{Standard numismatics external links
| world_coin_gallery_1_url  = China
| world_coin_gallery_1_name = China
| banknote_world_1_url      = china_peoples_rep
| banknote_world_1_name     = China, Peoples Republic
| dollarization_1_url       = asia
| dollarization_1_name      = Asia
| gfd_1_url                 = China
| gfd_1_name                = China
| gfd_data_1_url            = 4005
| gfd_data_1_name           = China Yuan Renmimbi
| show_gfd_excel            = Y
}}
* [http://www.xian-travel.com/china-travel-guides/chinesemoney/ How to detect counterfeit Chinese money]
* [http://www.thebeijingguide.com/money/money3.html Photographs of all Chinese currency and sound of pronunciation in Chinese]
* [http://www.mayin.org/ajayshah/papers/CNY_regime What is the new Chinese currency regime?]
* [http://www.puntocina.com/extra/cambio-euro-rmb.html RMB current exchange rate and historical graphs]
* [http://www.economist.com/opinion/displaystory.cfm?story_id=2668182 Economist article on Chinese currency valuation]
* [http://sun-bin.blogspot.com/2005/07/translucent-box-chinas-rmb-managed-peg.html Discussion on how the basket peg works]
* [http://www.whereismao.com Chinese Bill Tracking]
=== News ===
* [http://www.washingtonpost.com/wp-dyn/content/article/2005/07/21/AR2005072100351.html China Severs Its Currency's Link to Dollar], [[Washington Post]], [[21 July]] [[2005]]
* [http://news.bbc.co.uk/2/hi/business/4138766.stm China lifts currency basket lid], BBC, [[10 August]] [[2005]]
* [http://news.xinhuanet.com/english/2006-09/25/content_5136779.htm 1, 2 and 5 fen banknotes to be withdrawn, from Xinhua online.]

{{Chinese currency and coinage}}
{{Currencies of Asia}}

[[ޤިސްމު:Economy of the People's Republic of China]]
[[ޤިސްމު:Fixed exchange rate]]

{{Link FA|cy}}

[[als:Renminbi]]
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[[sl:Renminbi]]
[[sr:Ренминби]]
[[sv:Renminbi]]
[[ta:ரென்மின்பி]]
[[tg:Женминбии Чин]]
[[th:เหรินหมินปี้]]
[[tk:Renminbi Yuan]]
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[[tt:Юань]]
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[[uk:Юань]]
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[[wuu:人民币]]
[[yo:Renminbi]]
[[zh:人民币]]
[[zh-classical:人民幣]]
[[zh-min-nan:Jîn-bîn-pè]]
[[zh-yue:人民幣]]