Official Currency of China
China currency is a bit confusing when you get to know that Renminbi is the official China currency when all life you’ve heard about yuan. So, to make it simpler, yuan and renminbi in China currency are used as sterling and pounds in British currency.
History of China Currency
So, the most important agenda of the newly formed government was to remove this state hyperinflation. It was not until 1948 that the renminbi was introduced as China currency to unify the uses of different currencies that were being used all across as China currency before 1948.
China Currency Issued by Which Bank?
The renminbi is issued by the People’s Bank of China which is the monetary authority in China. One yuan is further divided into 10 jiao, and then one jaio is further divided into 10 fens. The inflation was so high at the time that it is believed that today’s 1 yuan was equivalent to 10,000 old yuan.
Chinese Yuan to USD
1 Chinese Yuan is equivalent to 0.15 United States Dollar. China currency has always been lower in value than the United States Dollar. The China currency Renminbi was the 8th most traded currency back in 2013, and in 2015 it became the 5th most traded currency.
Chinese Yuan to PKR
1 Chinese Yuan is equivalent of 18.03 Pakistani rupees. China’s currency is greater in value than China’s currency. That means when you go for a trip to China you will have to carry change in your pocket for public transport. The currency rate tends to fluctuate with time to time, and we try our best to give you updated information.