China’s Currency

Hi!  I’ve not left yet, but above you see a picture of the Renminbi (人民币), or “People’s Currency,” the official currency of the People’s Republic of China (PRC).  The primary unit of the Renminbi is the Yuan (元). The Yuan is broken down into 10 jiao (角) which are then divided into 10 fen (分).  Currently, 1 Yuan is approximately $0.15 USD.

As you may be aware, there has recently been controversy surrounding the Yuan.  The United States has recently complained that China purposely keeps the Renminbi low (devalued) in order to keep their manufacturing products cheap throughout the world.  However, the US has stopped short from filing a formal complaint with the World Trade Organization (WTO).  China has denied these allegations (which are quite serious).  Only time will tell what will happen because of this trading spat.

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2 Responses to China’s Currency

  1. remember to call them kwai!! 🙂

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