The official currency of the People’s Republic of China is the Chinese Yuan Renminbi (CNY). The Yuan is used on the mainland of China, but not in Hong Kong. The symbol for the Yuan is ¥.
Economy
The economy of the People’s Republic of China is the second-largest in the world.
The economy has been growing at a fast pace.
China is the largest exporter and the second-largest of importer of products in the world.
Industries and services are the main trading factors in China.
The main industries are fertilizers, locomotives, rail cars, vehicles, satellites, footwear, toys, armaments, metals, coal, mining, and steel.
Export products are textiles, steel, iron, medical equipment, data processing, electrical goods, and other machinery.
Import products are plastics, metal ores, organic chemicals, oil and mineral fuels, and medical equipment.
The unemployment rate is currently estimated at 4%.
History
In 1948, the first edition of the Chinese yuan was introduced by the People’s Bank of China. The Yuan was issued in banknotes only.
In 1955, a re-evaluation was done and 10,000 old Yuan = 1 new Yuan.
The second edition of the Renminbi was introduced in 1955.
The third edition of the Renminbi was launched in 1962.
In 1978, the dual-track currency system was implemented.
From 1987 to 1997, the fourth series of the Renminbi was introduced.
In the 1990s, the dual-track currency system was done away with.
In 1999, the fifth and latest series series of Renminbi was introduced.
