The Yuan (ISO CNY) is the money of China, also known as the People’s Republic of China “Renminbi” (abbreviated as “RMB”). Its symbol is ¥.
The name of the Chinese money is the Yuan, the name Renminbi (The meaning is people’s money) was used in official circumstances. In everyday language, the Yuan is also known as Kuai, a name which is used to separate subdivision units. The Yuan is divided into 10 Jiao (or 10 Mao) and 100 fen. 1 Yuan = 10 Jiao = 100 Fen. There are bank notes of 1, 2, 5, 10, 20, 50 and 100 Yuan, bank notes of 1, 2 and 5 Jiao, and bank notes of 1, 2 and 5 Fen. The coins are 1 Yuan, 5 Jiao and 1, 2 and 5 Fen.
The Bank of China (Bank of China) is the largest and most widely established on the China’s territory. It has several branches in each city; The Industrial and Commercial Bank of China (ICBC) has branches in almost every city. Other banks: the People’s Bank of China, Agricultural Bank of China or the Construction Bank of China.
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Bank notes and coins in circulation in China
1 Yuan (RMB 1) = 10 Jiao (also pronounced “Mao”) and 1 Jiao = 10 fen