Chinese currency and its value for the Middle Kingdom

China today is one of the most powerful and powerful states in the modern world. The constant growth of its economic indicators, the standard of living of the population and the military-industrial complex for the PRC is no longer the goal to be achieved, but part of the reality to which the population of the country has become accustomed for many decades of progress. The Chinese currency, with this dynamical development of the entire state, still plays an important role to this day, since it, first of all, organizes an economic system within the country, without which chaos and lack of control for the state of any system will be evident. The Chinese currency is an integral part of the successes of the country, which the PRC has been working hard for many years. Its competent and exact correlation with the currencies of other states, purchasing power in the domestic market and stable unshakable rate made it possible to achieve such enviable success in combination with other sectors of the Chinese economy and the diligence of its people. Their result to date is the considerable weight of the PRC in the world political arena, a powerful army, achievements in science and a dynamically growing standard of living for ordinary citizens.

Nuances of the monetary system

Today, the Chinese currency is proudly called the yuan, in the literal translation, which means "belonging to money," and not the monetary unit of the Celestial Empire, as it is commonly believed in the rest of the world. That is, the US dollar in China is also a yuan, but with the prefix mao, which, in turn, identifies the currency's belonging to the US as a national name. In the same way, the Chinese call other currencies, combining the prefixes of the sounding of foreign currency in Chinese with the domestic yuan. Native monetary unit in the Middle Kingdom is usually called Renminbi, which means literally "people's money". The Chinese currency is denominated in the international currency market in the same way as the Japanese yen, but with the added horizontal line, which, in turn, will allow the attentive person to find a difference in monetary units. Also in the currency market, the yuan has a CNY bank code and an ISO 4217 cipher.

Nominal and exchange rate of the Chinese currency

The RMBs are divided into smaller monetary units of 10 jiao and 100 feng. The system of dividing the yuan into money of lesser purchasing power is quite distinct and a bit confusing, but intuitive enough and can be easily understood after a brief explanation. In this system, the main thing is to maintain a sequence in which 1 yuan is divided by 10 jiao, and 1 jiao by 10 fen. That is 4.23 CNY is 4 yuan 2 jiao and 3 fans. Thus, the Chinese limit themselves in trading from the mention of long decimal phrases relating to folk money with a lower purchasing power, calling them simply individual short nouns. The Chinese currency, while stable, does not have a high enough rate to often use units of purchasing power equal to one-hundredth of a yuan. However, fans are still relevant in remote Chinese provinces. To date, 1 CNY can be exchanged for 5 Russian rubles and 25 kopecks.