The currency of China is the Chinese yuan renminbi, but it prefers to be called just ‘yuan’. It’s quite a unique form of currency, so be sure to triple-check notes as you hand them out. One yuan equates to 10 jiao, which itself is made up of 10 fen. Think of yuan as dollars, fen as cents, and jiao as… well, something in the middle.
In Chinese currency, you’ll find coins worth 10 and 50 fen, as well as the 1 yuan coin. Banknotes will take you through 10 and 50 fen, 1, 5, 10, 20, 50 and 100 yuan each. It’ll take a little getting used to, but it won’t be long until you’ve mastered Chinese currency correctly.
Facts about the currency
- The Yuan was originally called the ‘kuai’ (meaning ‘lump’) because currency was quite literally a lump of silver.
- Inflation on the yuan has been astonishing, going up over 1000x over the last 40 years.
- For Bitcoin fans, you’d be intrigued to know that 80% had been exchanged for CNY in 2015.
- The Chinese people were the founders of paper currency, dating back to the 9th century.