Renminbi
1 EUR = 8.511 CNY 100 CNY = 11.75 EUR
1 CHF = 6.956 CNY 100 CNY = 14.376 CHF
The renminbi (Chinese人民币/人民币, Pinyin yuan, people's currency ') is the currency of the People 's Republic of China and is published by the Chinese People's Bank.
The international abbreviation according to ISO 4217 is CNY RMB in China is also frequently used, the symbol is ¥元or. The units of currency are Yuán (元, formally :圆/圆), Jiǎo (角) and Fen (分). A Yuán equals 10 jiao or 100 fen.
Colloquially instead Yuán often kuai (块/块, pieces) and instead Jiǎo Mao (毛, Hair ) will be used. In the West, the currency itself is also often called yuan.
Denomination
There are banknotes of 100, 50, 20, 10, 5, 2 and 1 yuan, 5, 2 and 1 jiao and 5, 2 and 1 fen. Coins exist to 1 yuan, 5 jiao and 1, 5, 2 and 1 fen. Bills with Fen - values have almost disappeared from circulation.
The prices in most stores be expressed as Jiao, exception are some supermarket prices with an ending to 5 feet, so half Jiao. These prices are, however, usually rounded at the checkout to full Jiao amounts.
When using foreign currency into yuan coins are also obtained in Fen - values, because there is not rounded.
When using small values of coins or notes, there are regional differences: while in Shanghai 1- yuan coins are predominantly in circulation are in Qingdao mainly one -Yuan bills, also also notes in Jiao - values in circulation.
Exchange rate system
The Chinese currency is officially coupled since 1994 only unofficially and later with a range of 0.5% to the U.S. dollar. Since 21 July 2005, the mean rate of binding was 8.11 yuan per dollar (as of February 2014). Prior to the mid-market price stood at 8,277 yuan per dollar. In the 1980s, the price was still 2 yuan per U.S. dollar. The Chinese central bank provides targeted foreign exchange intervention for compliance with the prescribed rate of exchange.
The fixed exchange rate system in China has initially gives great advantages in terms of inflation - fighting as well as in access to international capital, as the exchange rate policy of China is considered to be very credible. The high inflows of foreign capital in recent years have not been recently made because of the low currency risk. Even the Asian crisis was over, the renminbi, without devaluing. However, in recent years increased international pressure on China to abolish the dollar peg its currency to flow freely and to have (and thus probably upgrade ). Above all, the U.S., the EU and the Southeast Asian neighbors China call on the country to release the their opinion, now severely undervalued yuan. As the Chinese currency policy, however indirectly supported by dollar purchases, the U.S. government debt, would have an appreciation of the renminbi to the U.S. ambivalent consequences.
Most studies ( for example, the Big Mac Index by The Economist ) show a significant undervaluation of the Chinese currency, which over its economic competitors gives the country a significant cost advantage. The Chinese central bank, however, has announced several times that they are in the reform of the exchange rate system will not let put under pressure and depends on a modification of the system of the economic situation of China and the situation of its financial market. In this regard, the government and central bank currency peg not in isolation but as part of several policy measures, which also include significant capital controls.
In July 2005, the Central Bank responded to pressure from the markets and let the yuan appreciate slightly by 2.1 %. For the future, the Bank announced a move to a currency basket system. After the first pronouncements of the governor of the central bank Zhou Xiaochuan of August 2005, the currency basket to contain more than ten currencies, especially the U.S. dollar, euro, Japanese yen and South Korean won. However, still can observe a very strong focus on the U.S. dollar. Since the solution of the completely solid binding, the renminbi has appreciated by July 2007 to about nine percent. 2007, the renminbi has appreciated by an additional six percent against the dollar, devalued at the same time to also six per cent against the euro since the euro to the dollar increased by twelve percent. The Chinese exchange rate regime in 2007 corresponded roughly to a basket of currencies with equal weighting of large dollar and euro.
In June 2010, China's central bank announced on their website to promote the reform of the exchange rate policy and to increase the flexibility of the exchange rate. The announcement was received positively internationally. On 22 June 2010, the Chinese central bank set the days high rate against the U.S. dollar by 0.42 %. According to Paul Krugman's what the Chinese currency policy has not changed after the principle; at worst, he sees only trade sanctions as a possible answer.
Also at the annual meeting of the International Monetary Fund in October 2010, the differences over China's currency policy could not be clarified. Above all, the United States renewed their criticism of undervaluation of the renminbi, experts warned of a "currency war". On 13 October 2010 the Chinese central bank set the exchange rate fixed at 6.6693 yuan to allow the yuan has reached its highest level since the introduction of the dollar coupling.
From August 2010 to August 2011, the yuan has appreciated five percent against the dollar. The price was 6,434 yuan / dollar ( $ 0.1554 / yuan). Experts maintain the currency continues to strongly undervalued, but believe that the Chinese central bank will gradually give up its interventions would also by a liberalization of China's foreign trade of the yuan to freely convertible currency.
Appearance
A new series of banknotes was published in 1999, which is used in parallel with the previous notes. Unlike before, has since been seen on all new renminbi notes the picture of Mao Zedong. The notes of the old series have disappeared from circulation, exceptions are bills in Jiao - values since they have not been reissued.
The Chinese central bank in late 2005 introduced new banknotes, to provide better protection against counterfeiting. The new notes worth 5, 10, 20, 50 and 100 yuan hardly differ from the series introduced in 1999, but now contain additional new serial numbers, watermarks that EURion constellation and other characteristics.
The 1979 addition to the Renmin -bi, the people money, imported special notes for foreigners in the same yuan denominations, the Foreign Exchange Certificates (FEC ), known in China as Wai -bi, strangers money, as distinguished from the Renmin -bi, in 1994 again abolished after a brisk black market to Wai -bi had developed as import and export many products were sold only on convertible Wai -bi.
Fake
Counterfeit money, especially fake new 50 - and 100 - yuan bills, is quite common. To prevent the counterfeiting of high amounts denomination already ends at 100 yuan. In addition to a watermark of Mao Zedong lapel is one of the most important security features of the notes: The structure of the bill is here strongly serrated and can be checked with your fingernail. Often the notes are also examined under ultraviolet light or by machine.
History
The renminbi was introduced after the founding of the People's Republic of China in 1949 by the communist regime. It is with him at the recent Chinese currency.