Chinese how much money

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Lesson Notes Lesson Transcript Comments. Already a Member? Sign In Here. Intro Hi everybody! Yinru here. Even the question of what to call Chinese money can be puzzling. Why are there two names for Chinese money? Does China have two different currencies? The various different names used to refer to the Chinese currency can be confusing for the uninitiated. There is, in fact, very little practical difference between the terms renminbi and yuan , and you will often hear these two words used interchangeably.

If you ask an economist, however, they will tell you that these terms are actually somewhat different. It comes down to the difference between currency and units of currency.

The word yuan , however, is much older, and was originally used to refer to the silver coins that European merchants used to trade with Chinese merchants almost years ago. Today, renminbi is the general name for the Chinese currency, while yuan is the name of a unit of that currency. One way to understand this is to imagine a country that uses gold as its currency.

If you find the difference between currency and units confusing, it might seem like a good idea to figure out which word for money is most popular in China and use that one. Chinese paper money comes in denominations of one, five, ten, twenty, fifty and one hundred.

The special characters used to write numbers on Chinese banknotes are meant to help prevent fraud. The other denominations of Chinese banknotes also replace the regular Chinese number characters with which you may be familiar with special fraud-resistant characters. You may also notice these more complicated ways of writing numbers on certain official receipts that you get in China.

Thankfully, the pronunciation of all these complex-looking fraud-proof number words is the same as the Chinese number words you may already have learned. Check out the table below to see how to write Chinese numbers like a banker:. However, it is important to recognize that although physical bills are still very much in circulation in China, mobile payment options such as WeChat Pay and Alipay are becoming more and more common. Whether you know it as a yuan or renminbi, what matters is that the currency from China remains a part of the currency conversation on the global stage.

Richard A. Iley and Mervyn Lewis. Edward Elgar Publishing, International Monetary Fund. World Scientific, China Today. Standard Chartered. International Markets. Treasury Bonds. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.

I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Global Players. Economy Economics. Table of Contents Expand. Yuan vs. Renminbi: An Overview. Money As a Medium of Exchange. Money as Unit of Account. CNY vs. RMB: Key Differences. China's Currency Controversy. Key Differences. Renminbi: An Overview Chinese currency is a hot topic these days for many reasons. The yuan is the unit of account. The medium of exchange is how a currency is used as money to buy and sell things The unit of exchange is the function of money whereby things are priced in terms of standardized units.

The International Monetary Fund stated that the Chinese currency is no longer undervalued against the dollar given its recent appreciation, however recent devaluations as of may change that outlook. Article Sources.