The Chinese Yuan Renminbi?
The official currency of the People’s Republic of China is the Chinese Yuan Renminbi. The name ‘renminbi’ literally means ‘peoples currency’ and was first issued in 1948 when the People’s Bank of China was established. It’s quite a unique form of currency, so be sure to triple-check notes as you hand them out. One yuan equates to 10 jiao, which itself is made up of 10 fen. It is one of few currencies that have 2 distinct currency codes (CNY and RMB). The Yuan was originally called the ‘kuai’ (meaning ‘lump’) because currency was quite literally a lump of silver. In Chinese currency, you’ll find coins worth 10 and 50 fen, as well as the 1 yuan coin. Banknotes will take you through 10 and 50 fen, 1, 5, 10, 20, 50 and 100 yuan each. It’ll take a little getting used to, but it won’t be long until you’ve mastered Chinese currency correctly.
Bottle of water: ¥3
Bottle of beer: ¥7
Meal at traditional chinese restaurant: ¥25
Meal at Mcdonalds: ¥33
Entry into the Great Wall of China: ¥40