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Chinese Currency

RMB is the legal tender in the mainland China. Its official ISO 4217 is short for the CNY (China Yuan), but the international community used the RMB (Ren Min Bi) as its abbreviation more commonly; generally add a "¥" in front of the figure means the amount of yuan. Chapter III Article XVI in "Law of the People's Republic of China on the The Fifth Set of RMBPeople's Bank of China" provides that: "The People's Republic of China's legal currency is the Renminbi." December 1st, 1948 the People's Bank was set up, started to issue the first set of Renminbi; March 1st, 1955 started to issue the second set of Renminbi; April 15th, 1962 started to issue the third set of Renminbi; April 27th, 1987 began to issue the fourth set of Renminbi; October 1st, 1999 began issuing the fifth set of Renminbi. Form a monetary system of multi-series, including paper money and metal coins, ordinary and precious metals commemorative coins and many other varieties. At present the last three sets of Renminbi have been stopped circulating. In the market the main circulating RMB is the fifth set, there is also a small amount of the fourth set of the renminbi.

According to "Law of the People's Republic of China on the People's Bank of China" Article XVII, the unit of the Renminbi is yuan (RMB Yuan Renminbi Yuan, abbreviated "RMB", "¥" as the code). The units of the fractional currency of the Renminbi are the jiao and the fen. Yuan does not provide a statutory gold content, it is the implementation of measurement of value, means of circulation, payment and other functions.

At present, the types of RMB circulating in the market was: 1,2,5 jiao; 1,2,5,10,20,50,100 yuan. Coins have 1 fen, 2 fen, 5 fen, 1,2,5 jiao and 1 yuan. In accordance with theCommemorative Coins law, more than yuan RMB are the main currency and the remaining jiao coins, fen coins are the fractional currency (but now cents virtually withdrawn from circulation). Form the coin-bit system, that is 1 yuan = 10 jiao = 100 cents. Classified metal coins (also known as coins), notes (also known as banknotes) according to the material's natural properties. All types of RMB circulating in the market were equivalent regardless of banknotes or coins.

People's Bank is a national management authority of the Renminbi, responsible for the design, printing and distribution of the Renminbi. RMB's exchange rate is more stable relative to others' exchange rate, China is almost completely in circulation.