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The Currency
The currency of the PRC is the Renminbi (meaning ‘The Peoples’ Currency’) and it uses denominations introduced in 1880, during the Qing Dynasty. The basis of the currency is the Yuan (meaning ‘Round,’ after the coinage). In 1994, the dual system of RMB and Foreign Exchange Notes was abolished and the value of the Chinese Yuan was pegged at CNY 8.3 to US$ 1. That peg was removed on 21 July 2005 and the Yuan is now pegged to a basket of currencies, primarily comprised of US Dollar, the Euro, the Japanese Yen and the Korean Won. The Yuan has been consistently appreciating.
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