THE China, one of the most populous and extensive countries in the world, has numerous cultural differences with Brazil. Its official language is Standard Mandarin, but there are other dialects spoken in its territory, whose total area is over 9 million kilometers. In addition, in the monetary field, there are also some particularities, such as the existence of Renmimbi (RMB) and the Yuan (CNY).
Want to know the difference between these currencies? Check out more details below!
Renmimbi or Yuan: what is the difference between Chinese currencies?
In general terms, the Renminbi (which means “people’s currency”) is China’s official currency, while the Yuan is a unit of account in the Chinese economic system.
To put it simply: while the Renminbi is used as an exchange value in the purchase and sale of goods, the Yuan serves as an applied currency to become the base value in the market and thus monitor prices. That is, the name of the currency would be Renminbi, while money in circulation is counted as Yuan.
Therefore, it can be said that money in China is printed on Yuan notes — in this case, on 1, 5, 10, 20, 50 and 100 yuan notes. In addition, within the Yuan, there are also units of jiao and fen. Each Yuan can be divided into 10 jian and each jiao subdivided into 10 fen.
However, nowadays, it is increasingly difficult to find fen coins in circulation in the country. It is also worth noting that Chinese currencies are managed by the People’s Bank of China, what is also currently investing in its own cryptocurrency, called the Digital Yuan.