A Brief Introduction of RMB (Renminbi)
The bank notes of Chinese money is called Renminbi (RMB) means "The People's Currency". The popular unit of RMB is yuan" 1 yuan equals 10 jiao, 1 jiao equals 10 fen. There are parts of China where the yuan is also known as Kuai and Jiao is known as mao. Chinese currency is issued in the following denominations: one, two, five, ten, twenty, fifty and one hundred yuan; one, two and five jiao; and one, two and five fen. All face values have paper notes; and 1 yuan (kuai), 5jiao(mao), 1jiao(mao), 5 fen, 2 fen, 1 fen have coins. Now the smallest unit is jiao(mao) since the unit fen has come out of use for more than ten years.
Since 1948, P.R. China has issued 5 versions of RMB. The fourth and lastest fifth vesion of RMB are currently used. The first, second and third version of RMB notes and coin was out of use a or two decades ago. A little knowledge of China RMB make your China tours easier.
Now The official exchange rate between U.S. dollar and Renminbi yuan currently is about 1:7 (1 US dollar = 7 yuan RMB). The lastest current exchange rate are following currency market to change everyday, please click Money Converter to see the newest exchange rates between RMB and U.S. dollor or more other currencies.