2016-02-23 Tue

Did you know that the Chinese currency is officially called as “Renminbi” and the popular Chinese “Yaun” is its basic unit?

Renminbi and Yuan are used interchangeably, but "Renminbi" is the "official" term used to refer to China's currency and it literally means "the people's currency". Renminbi is also the legal tender of the People's Republic of China also known as the Chinese Yuan (CNY) and represented by the symbol "¥".

"Yuan" is the actual unit, and it is the more casual term used by every day people on the streets, especially in international contexts. The word "Yuan" means "round". Similar to the way "sterling" and "pound" are used in the U.K. which respectively refers to the British currency and its primary unit.

The Yaun is divided into 10 Jiao and Jiao is further divided into 10 Fen.

The Chinese Renminbi was the 5th most traded currency in the world in 2015 and 2016 will see the “yuan” included in the basket of currencies used by the IMF (reserve currency).

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