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China or the People’s Republic of China is one of the largest countries in terms of its area. It is also the most populous country. The capital of the country is Beijing and China money is known as Renminbi. The largest city is Shanghai and the official language is Standard Chinese.
If there are a few major reserve currencies in the world, one of them is China currency. There is not just one name given to this country’s currency. There are many. Officially known as Renminbi, the popular name is Chinese Yuan. The issuer of China money is People’s Bank of China. If we have to compare the currency of China to that of India, one Chinese Yuan or one Renminbi is equivalent to INR 10.22. Don’t get confused with the name; Renminbi and Yuan. Renminbi is the name of the currency while the unit in use in Yuan. The subunit that is in use is Fen.
One must also know the denominations in use. The banknotes that are in use are 10, 0.1, 50, 0.5, 5, 1, 20, and 100. The coins available in China are 1, 0.1, and 0.5. The code for China currency is CNY. The currency is also a part of Macau, Hong Kong, Laos, Cambodia, North Korea, Myanmar, and a few other places. While, the exchange rate of other country’s currency can be easily predicted seeing the trend, it is not that easy for that of China Money. It is the Chinese government that has a major role to play in deciding the rate of exchange.
Every note that is available comes in different sizes. No two notes are of the same size. In fact, the notes also have images of some historical places embossed. The bank note 100 has Great Hall of the People in Tiananmen Square, the bank note 50 has Potala Palace in Llhasa, the bank note 20 has Karst mountains and Li River of Guilin, the bank note 10 has Yangtze River’s Scenery, the bank note 5 has Tai Shan Mountain, and the bank note 1 has West Lake view.
The history of the currency of China is as rich as its culture and general history. It is no less than 3000 years that the history dates back to. Believe it or not; the first currency form used here was Cowry shells. Emperor Quin Shi Huang introduced copper coins as the standard form of China money. The shape of these coins were round with a hole in the middle. These coins were in use until 1890. Apart from small transactions where coins were used, ingots of silver were in common use for higher level of transactions.
The system of modern banking started in the year 1820. The currency of China achieved its stability in the year 1949.
When in Rome, do like the Romans do. This popular saying is most applicable when travelling from one place to another. The only mode of transacting will be in the local currency of the destination. Therefore, when in China, you must have local currency ready for any kind of transaction. In order to get your money converted into China money, you have the following options.
It goes without saying that China is one of the fastest growing countries in the world, and is highly digitalized too. Hence, China money can also be transacted digitally. Digital transaction is a trend that has been in use across the country. It has made both buying and selling of items easier and more convenient for both the parties - buyers and sellers. The currency of China is a popular currency and is used extensively by travelers in order to buy souvenirs from the country.
The most preferred way of digital transaction is credit card or debit card. Apart from that, people also have started to use digital wallets that are safe and secure. The truth, however, is that people still prefer to use cash in some shops.
In most establishments in China, tipping is not expected. In hotels, you may, however pay a certain amount. Be sure if tips are accepted though, before you tip. You may like a taxi drive but refuse to pay any tip as it is unethical and even illegal. You can tip your tour guide but not your spa service provider or hairdresser. Be wise while tipping!
