Many Russian citizens, especially those living in the regions bordering China, enjoy such a favorable geographical location and regularly travel to this country to purchase various goods that are much cheaper there than in the rest of the world due to the extremely low cost of labor.
The currency of China. Story
During the formation of the current government of the PRC, there were many currencies on its territory that were of roughly equal importance. In fact, the currency of China, whose name literally translates as "people's money", existed for a long time, starting in 1948, when most of the currently settled territory of this country was already controlled by the existing government and now. Since 1949, the answer to the question of what currency in China has become apparent thanks to the legislatively approved official name of Zhenmenbi.
Coins of China
Chinese means of payment, made not of paper, first appeared in 1955, although usually everything happens exactly the opposite - first coins, then banknotes. The first series were payment instruments with a face value of one to five hair dryers. Later, already in 1980, similar brass products appeared, which were already worth one, two and five jiao. Then the first coins in denominations of 1 yuan appeared. Most of these metal products did not last long. A year later, in 1981, 1 and 2 jiao were removed from circulation, and 5 jiao and 1 yuan in 1985. In the same 1981, similar versions of coins were issued, but made of another alloy, more modern. In the period from 1999 to 2002, additional series of this means of payment were issued, however, practically everything except 1 yuan and higher is practically not used in the calculations. The currency of China has such a feature that it is not customary to indicate fractional prices in calculations (such as our 10 rubles 99 kopecks). They mainly feature specific numbers, like 10 yuan of zhenmenbi.
The national currency of China. Banknotes
The first series of PRC banknotes was issued in 1948. Their main goal was to bring the entire money supply that existed at that time in this country to a common denominator. In 1950, when there was a need to update the money supply, all banknotes issued earlier were retroactively called the First Series, and a new version was announced, which will be the currency of China. The second series first appeared in 1955. It includes banknotes in denominations of 0.01 to 10 yuan. The third issue occurred in 1962, when figures from 0.1 to 10 yuan appeared on paper means of payment. Currently, the fourth and fifth parts of banknotes are used. In the fourth there are still such denominations as 0.1-0.5 yuan, but in the fifth the minimum figure is 1 yuan zhenmenbi. Rumor has it that another, new issue will be produced that will take into account all the modern features of such means of payment, but there is no more detailed information about it yet.
Features of the border regions
As mentioned above, many Russian citizens regularly travel to China to purchase various goods. They, of course, are familiar with the specifics of this region and have no problems. However, there are people who would also like to visit China, if not for tourist purposes, then at least for shopping. They are interested in what currency to go to China. The answer to this question is quite simple.If you do not move deep into the territory of this country, then in the cities located near the border with Russia, you can quite freely pay with ordinary Russian rubles, as residents are very interested in this. So it turns out more profitable to both parties. Rubles are more stable with respect to the local currency, and buyers lose nothing when exchanging.
Interesting Facts
As mentioned above, the first interesting feature that the currency of China has is its traditional dislike for fractional numbers. The second element is presence on paper money names in three languages at once: Mongolian, Tibetan and Uigur. In addition, unlike most countries in which, after the release of the next series of means of payment, the previous one ceases circulation quite quickly, in China the second and third series existed simultaneously until 2000. Then the fourth option was released, which, together with the fifth, is still accepted for payment. An interesting moment is that despite the fact that the fourth series was released gradually, in the interval between 1987 and 1997, some notes have a release date of 1980. That is, the PRC government prepared in advance for such a development of events and prepared reserve options. Also, among other things, on new banknote samples, such personalities as Deng Siaoping and San Yat-sen are likely to be captured. However, this is only preliminary information, and the situation may change in the future.
Summary
In general, despite a number of difficulties that absolutely all currencies of the world experience with enviable regularity associated with various financial crises that arise almost every year, the currency of China is gradually stabilizing and currently plays a significant role in its region of location. The information presented in this article gives an exhaustive answer to the question "What is the currency in China," especially since it has not actually changed since 1949. After the latest events on the PRC, despite a significant drop in stocks, the stability of this means of payment has improved significantly, and the decision to settle in national currencies between the Russian Federation and China will further strengthen both monetary units, both now and in the long term.
