About the Chinese Yuan Renminbi
The Renminbi was first issued by the People's Bank of China in 1948, about a year before the establishment of the People's Republic of China. It was created to unify the various currencies circulating in communist-held territories.
The name 'Renminbi' means 'the people's currency'. 'Yuan' is the basic unit of the Renminbi.
Interesting Facts
Renminbi vs. Yuan
The official name of the currency is Renminbi (RMB), while Yuan (CNY) is the unit of account. It's like the difference between 'sterling' and 'pound' in the UK.
A Global Reserve Currency
The Chinese Renminbi has become a major global reserve currency, included in the IMF's prestigious Special Drawing Rights (SDR) basket along with the USD, EUR, JPY, and GBP.
Mao Zedong on all Notes
The current series of banknotes features the portrait of Mao Zedong, the founder of the People's Republic of China, on every denomination.
Historical Timeline
The Renminbi is introduced.
A second series is issued to combat hyperinflation, revaluing the currency at 1 new yuan = 10,000 old yuan.
China ends the Yuan's peg to the U.S. Dollar, moving to a managed float system.
The Renminbi is included in the IMF's Special Drawing Rights (SDR) basket.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- CNY
- Symbol
- ¥
- Numeric Code
- 156
- Subunit
- Jiao (1/10)
- Introduced
- 1948-12-01
Central Bank
- Name
- People's Bank of China
- Headquarters
- Beijing, China
- Founded
- 1948
- Current Governor
- Pan Gongsheng (since 2023)
Economic Data
- Reserve Currency Share
- 2.5%
- Forex Volume Share
- 7.0%
- Inflation Rate
- 0.3%
- Interest Rate
- 3.45%
Exchange Rates
What Affects the CNY Exchange Rate?
Ready to Convert CNY?
Get real-time exchange rates and convert Chinese Yuan to any currency.
