Jump to navigation Jump to search “Chinese yuan” redirects here. For Ancient Insider code currency trading currency, see Ancient Chinese coinage.
Renminbi banknotes of the 2005 series. Chinese currency generally, especially in international contexts where “Chinese yuan” is widely used to refer to the renminbi. The renminbi is issued by the People’s Bank of China, the monetary authority of China. Until 2005, the value of the renminbi was pegged to the US dollar. CNH when traded in off-shore markets such as Hong Kong. The renminbi is legal tender in mainland China, but not in Hong Kong or Macau.
In 1889, the yuan was equated at par with the Mexican peso, a silver coin deriving from the Spanish dollar which circulated widely in southeast Asia since the 17th century due to Spanish presence in the Philippines and Guam. It replaced copper cash and various silver ingots called sycees. The sycees were denominated in tael. The yuan was valued at 0. During the Imperial period, banknotes were issued in denominations of 1, 2 and 5 jiao, 1, 2, 5, 10, 50 and 100 yuan, although notes below 1 yuan were uncommon. The earliest issues were silver coins produced at the Guangdong mint, known in the West at the time as Canton, and transliterated as Kwangtung, in denominations of 5 cents, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar silver coins along with copper coins in denominations of 1, 2, 5, 10 and 20 cash.