What is renminbi and yuan

These developments have led to intense speculation that the renminbi will soon become one of the major international currencies. Eventually, the internationalization of the renminbi will enable the PRC to be an alternative supplier of safe assets to the rest of the world in which firms, households, and central banks can park their savings, where they will later be available in case of a need for more liquid funding.

Treasury obligations constituting the single largest and most liquid financial market in the world…. Other sources of international liquidity will have to be developed to supplement the United States and its dollar. Rebecca Campany, Brookings Institution Press. The Avenue The monthly jobs report ignores Native Americans.

The unit of Renminbi is yuan and the smaller, jiao and fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued both in notes and coins. The denominations of paper notes include , 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.

Although foreign currency cannot be circulated within the People's Republic of China or used to determine the price and settle accounts, it can be exchanged in China through traveler's cheques, currency conversion at banks and hotels.

Besides, many credit cards can also be used in China. What follows is a more detailed explanation. Traveler's cheques provide a fairly secure way of carrying money. The same thing happens again when you break down your yuan into smaller units, the jiao and the fen one yuan is equal to 10 jiao and one jiao is equal to 10 fen. There is nothing wrong with the word jiao, it is just that most people use the word mao instead. Anyone suspecting a link between the mao and Chinese former communist leader Mao Zedong would be mistaken.

The character is the same as Mao's surname, but the word was used long before he came to prominence. China moves to meet currency vow. China yuan comments buoy markets. Chinese pledge yuan 'stability'. Obama hails Chinese currency move. In colloquial speech the yuan has other names too. Silver dollars.

A piece of eight: A Spanish colonial dollar, worth eight reales. The plot, if it is one, goes further than this. Jiao and mao. Published 22 June