Country ISO code: CN
Official language: Mandarin Chinese
Language ISO code: zh
Current official currency: Renminbi (Yuan)
Current currency ISO code: CNY

Complete Financial History of the People's Republic of China (中华人民共和国)

1. Renminbi (人民币, RMB)

• ISO Code: CNY

• Singular name: Yuan (元)

• Plural name: Yuan (元)

• Monetary subdivision: 1 Yuan = 10 Jiao (角) = 100 Fen (分)

• Fraction name (singular): Jiao (角), Fen (分)

• Fraction name (plural): Jiao (角), Fen (分)

• Initial production date: 1948 (first issuance by the People's Bank of China)

• Final production date: Still in production

• Initial circulation date: 1948

• Final circulation date: Still in circulation

• Mint: Produced by national and international mints, including the China Mint

• Issuing bank: People's Bank of China

• Minted coin denominations: 1 Fen, 2 Fen, 5 Fen; 1 Jiao, 5 Jiao; 1 Yuan

• Printed banknote denominations: 1, 5, 10, 20, 50, 100 Yuan

Economic Historical Context

• China has one of the oldest monetary histories in the world, with metal coins dating back to the Zhou dynasty (~3000 years ago).

• The world's first paper money ("jiaozi") was issued during the Song dynasty in the 9th century.

• After the founding of the People's Republic of China in 1949, the Renminbi was created to unify the fragmented monetary system.

• Several monetary reforms occurred to stabilize the currency after periods of hyperinflation and civil war.

• The current fifth series of banknotes was issued starting in 1999, featuring enhanced security and designs, including the iconic 100 Yuan note with Mao Zedong's portrait.

• The RMB is not legal tender in Hong Kong and Macau, which have their own currencies.

Mints / Production Locations

• Coins and banknotes are produced by various national and international mints, including the China Mint.

Designs / Symbols on Coins and Banknotes

• Coins feature Chinese numerals and Arabic numbers, national symbols such as the plum blossom and the national emblem.

• Banknotes depict historical leaders (notably Mao Zedong), Chinese landscapes, and cultural elements.

Print Runs / Honorees / Signatories

• Issuance is controlled by the People's Bank of China, with multiple series issued since 1948.

• Mao Zedong is the most recognized figure featured on current banknotes.

Curiosities / Commemorative Coins

• China regularly issues commemorative coins for national and international events, including the Olympic Games and historical anniversaries.

Current Circulation Status

• The Renminbi is actively circulating and is the sole official currency in mainland China.

Issuing Authority

• People's Bank of China

Relevant Monetary Legislation

• Currency issuance and regulation are governed by the Law of the People's Bank of China and other national financial legislation.

This report provides the complete financial history of the People's Republic of China, highlighting the Renminbi as the official currency in circulation since 1948, with a monetary tradition spanning millennia.