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'American yuan') in Chinese, and the euro is called Ouyuan (simplified Chinese: 欧元; traditional Chinese: 歐元; pinyin: Ōuyuán; lit. 'European yuan'). When used in English in the context of the modern foreign exchange market, the Chinese yuan (CNY) refers to the renminbi (RMB), which is the official currency used in mainland China.
The yuan (元) is the basic unit of the renminbi. One yuan is divided into 10 jiao (角), and the jiao is further subdivided into 10 fen (分). The word yuan is widely used to refer to the Chinese currency generally, especially in international contexts. [b]
In Hong Kong, Macau, Singapore and Taiwan, these characters are also used as the local language counterpart in parallel with the dollar sign ($) (or HK$, MOP$, S$ or NT$ when necessary to indicate which currency is meant). The name of the North Korean and South Korean won comes from the equivalent hanja (圓, 圜) (원, won).
Renminbi currency value is a debate affecting the Chinese currency unit, the renminbi (Chinese: 人民币 Code:CNY). The renminbi is classified as a fixed exchange rate currency "with reference to a basket of currencies ", [ 1 ] which has drawn attention from nations which have freely floated currencies and has become a source of trade friction ...
One fen is equal to 1 ⁄ 100 of a yuan or 1 ⁄ 10 of a Chinese jiao. Renminbi were issued in coin denominations of 1, 2, and 5 fen [1] and also banknote denominations of 1, 2, and 5 fen. [2] The character 分 is also used to translate "cent" in other currencies. A euro cent is called 欧分; 歐分; Ōufēn in Chinese.
Yang is a former Korean currency. It is a cognate of the Chinese tael (兩; 两 pronounced "liǎng" in Mandarin). The yang was subdivided into 100 fun (푼) (pronounced "pun" but spelt with an "f" on the coins). Fun is a cognate of the Chinese word fen (分; fēn), referring to 1/100 of a Chinese yuan in modern context.
One jiao is equal to 1 ⁄ 10 of a yuan or 10 fēn (分). The Renminbi has coins of 1, 2 and 5 jiao. [1] The 2 jiao coin is no longer in circulation. The New Taiwan dollar has coins of 5 jiao (rarely used). [2] The Hong Kong dollar has coins of 1, 2 and 5 hou (known as 10, 20 and 50 cents).
[2] [3] The digital RMB is legal tender [4] and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. [2] The digital yuan is designed to move instantaneously in both domestic and international transactions. [2] [5] It aims to be cheaper and faster than existing financial transactions. [2]
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