Know About Chinese Currency
Renminbi, known as Chinese money in the world, is a reputed and well known currency of China. It is generally used in the main land of People’s Republic of China as the Hong Kong and Macau don’t allow it as legal tender. This Chinese money is very low of cost in comparison to USA dollars. Actually, everyone knows Yuan as Chinese money. For their kind info, Renminbi is the whole currency system of China whereas Yuan is only the unit. Normally, Hong Kong use Hong Kong Dollars and Macau use Macanese Pataca as currencies.
These two may not be compatible with the Chinese unit, Renminbi. There are paper money which were invented in China in 9th century. Naturally, the Bank of China, situated in the Mainland of China was considered the centre of foreign trade and exchange. Actually, the indication of the foreign exchange centre depends on the Govt. of the country. And so now Renminbi is the centre of foreign trade and transactions. However, the paper money is now used in the country. Every piece of papers includes some historical info about the country. 1 Chinese money or 1 Yuan is transected with 158509 Dollars at present.
In past times, gold and silver coins were used. Now there are papers of 5 Yuan, 10 Yuan, 20 Yuan, 50 Yuan and 100 Yuan. From the New Stone Age, Chinese people started to use currency for direct transaction. With the passage of time, we now observe the change of designs in the papers and coins. Not only that, there are some technical assistance in every paper to avoid false papers. This currency is the fifth edition of all times of Chinese money. After all, the history of upgrading the currency of People’s Republic of China is really astonishing to a foreigner.