Renminbi: meaning, definitions and examples
💴
Renminbi
[ ˈrɛn.mɪnˌbi ]
currency, Chinese
Renminbi is the official currency of the People's Republic of China, issued by the People's Bank of China. It is commonly abbreviated as RMB and is further divided into 100 jiao.
Synonyms
Chinese yuan, RMB.
Examples of usage
- The price of the item is 100 renminbi.
- After exchanging dollars to renminbi, I was able to shop in Beijing.
- The value of the renminbi has been fluctuating against the US dollar.
- Many travelers prefer to carry renminbi when visiting China.
Etymology
The term 'renminbi' literally translates to 'people's currency' in Mandarin. It was officially introduced in 1948 by the People's Republic of China, designed to replace the previous Chinese currency known as the yuan. The renminbi was established to stabilize the economy post-civil war and to create a standardized currency system throughout the country. Since then, it has gone through several changes including the introduction of banknotes and coins of different denominations. The yuan, which is often used interchangeably with renminbi, is the primary unit of the currency. The international recognition of the renminbi has grown, especially after it was included in the International Monetary Fund’s basket of currencies that make up the Special Drawing Rights (SDR) in 2016.