Renminbi is the currency officially used by China with yuan as its primary unit. A y
During the Republic of China (ROC) era, the currency was issued in different names such as the fabi, the silver yuan, and the gold yuan. The People’s Bank of China started the circulation of renminbi in 1948, one year before the creation of the People’s Republic of China. The currency was only circulated in note form during its initial stage. The new government came in with the intention of stopping the high rate of inflation which had scourged the economy of China during the end of Kuomintang era. After the achievement, the rate of the yuan was 1 new yuan to 10,000 old yuan. As the Chinese Civil War ended, the Communist Party of China took over the administration of larger areas and consequently, the People’s Bank of China started circulating unified money for use in territories under the control of communists.
In the year 1955, the circulation of aluminum 1-, 2-, and 5- fen
At the beginning of 2016, the government of China issued five series of notes with the first set issued in 1948 by the People's Bank of China. The available banknotes were in the denominations of ¥1, ¥5, ¥10, ¥20, ¥50, ¥100, and ¥1,000. In the following year, banknotes of ¥200, ¥500, ¥5,000, ¥10,000 and ¥50,000 yuan joined circulation.
The second series of notes were put into circulation in the year 1955 bearing “People’s Bank of China” on the back in Mongolian, Zhuang, Tibetan, and Uyghur languages. The denominations of ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10 followed.
On April 15th 1962, the third series of the renminbi came into use with the denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, and ¥10.
The fourth series entered the market between the years 1987 and 1997. However, the notes dated back to 1980, 1990, or 1996. Currently, the notes are still in use and available in ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10 denominations.
Finally, the introduction of the fifth series of renminbi banknotes and coins started in 1999 bearing the year 2005 except for ¥1. In 2016, notes with the Mao Zedong portrait were incorporated in with ¥1, ¥5, ¥10, ¥20, ¥50, and ¥100 denominations.
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