Currency Information on Chinese Yuan Renminbi - CNY— Chinese Yuan - ¥
The currency as a whole’s official name is the Renminbi, but ‘yuan’ is much more well-known and recognisable as the People’s Republic of China’s currency. The currency is not legal tender in Hong Kong or Macau, but is still sometimes accepted there, as banks in both countries allow for the easy exchange between the two currencies, even allowing people to hold and maintain bank accounts holding either tender.
The Chinese Yuan is not yet fully-liquidated, and as such, is not fully convertible into all other currencies at present. This id concerning for national Banks, and some, like the Bank of Thailand, have expressed their concerns surrounding the economic responsibilities and commitments of China remaining unmet.
China also has a bad track record regarding international loans, and is not fully optimised or knowledgeable to perform such loans.
Frequently used Yuan coins in circulation are; ¥0.1, ¥0.5, ¥1, with ¥0.01, ¥0.02, and ¥0.05 being rarely used, if at all. Banknotes in yuan are available in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, ¥100 though the 2 Yuan coins is not frequently used.
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Comment written by P Newman Scrap Metal Company.
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