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Chinese 100-yuan (renminbi) banknote (front side).
Courtesy of Frank Feng
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Chinese 100-yuan (renminbi) banknote (back side).
Courtesy of Frank Feng
Also Known As:
yuan
renminbi, monetary unit of China. One renminbi (yuan) is divided into 100 fen or 10 jiao.
The Peopleâs Bank of China has exclusive authority to issue currency. Banknotes are issued in denominations from 1 fen to 100 renminbi. The obverse of some banknotes contains images of communist leaders, such as Mao Zedong, leader of Chinaâs communist revolution, whose likeness is pictured on several notes; lower denominations often contain images of people dressed in traditional attire. The reverse side of most coins, which range in denominations from 1 fen to 1 renminbi, contains images of historic buildings and the countryâs diverse landscape. Renminbi became the official name of the currency in 1969.
As China became one of the worldâs preeminent centres of finance and trade in the early 21st century, the renminbi rose as a global currency. In recognition of the renminbiâs elevated status, in November 2015 the International Monetary Fund (IMF) announced that the renminbi was to become one of its reserve currencies. Thus, it would join the U.S. dollar, the euro, the British pound sterling, and the Japanese yen as one of the IMFâs Special Drawing Rights currencies used for intergovernmental loans. The renminbiâs status change took effect in late 2016.
