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The Chinese currency is known as the Renminbi (RNB). The name for the unit of this currency is the Yuan. Having a different name for the currency as for the unit is similar to the way the British currency (Sterling) is named separately from the unit (Pound).
The Renminbi is denominated, as most currencies, as a series of notes and coins. There are ten denominations of notes in circulation:
¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, ¥100 (the notes less than 1 Yuan in value and the 2 Yuan note are rarely used)
There are also six coins in circulation:
¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5, ¥1 (the coins less than 0.1 Yuan in value are rarely used)
These coins are made of a variety of metals including aluminium, brass and nickel-coated steel. Some areas of China use coins to a greater extent than others.
Wiki User
β 12y ago
The official currency of China is the Renminbi (RMB), often referred to as the Chinese Yuan (CNY). It is issued and regulated by the People's Bank of China. Cash is the most common form of currency used in everyday transactions, although electronic payments through platforms like Alipay and WeChat Pay are also widely used.
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