Yuan: meaning, definitions and examples

Etymology

• The word 'yuan' means 'round' in Chinese, referring to the shape of coins.
• In Mandarin, 'yuán' is pronounced with a rising tone, reflecting its unique sound in the language.
• Originally, the term referred to a specific historical currency system before it became tied to the modern Chinese currency.

Economic Significance

• The yuan has become increasingly important in global trade, often seen as a stabilizing force in Asian markets.
• China's government has implemented policies to promote the yuan's use internationally, including inclusion in the IMF's Special Drawing Rights.
• Exchange rates of the yuan can significantly impact global markets, influencing commodities like oil and gold.

Cultural References

• In popular Chinese culture, the yuan is often depicted as a symbol of prosperity and wealth, commonly given during Chinese New Year.
• Many traditional Chinese dishes can be purchased for just a few yuan, highlighting the value of the currency in everyday life.
• Songs and movies may reference the yuan, reflecting its importance in people's lives, especially in relation to love and success.

Historical Context

• The yuan was officially adopted as the currency of the People's Republic of China in 1948, replacing various regional currencies.
• Prior to the yuan, China used silver-based systems, with many coins issued from foreign influences.
• The Cultural Revolution in the 1960s and 1970s greatly impacted the economy, leading to significant changes in the value and perception of the currency.

Variations and Usage

• The yuan is often denoted by the symbol '¥', and sometimes referred to as 'renminbi' (RMB), which translates to 'people's currency.'
• There are different forms of yuan, such as the 'CNY' for the onshore market and 'CNH' for the offshore market.
• Cash transactions in the yuan are part of everyday life, with smaller denominations often used in markets and street shopping.

With rank #15,221, this word belongs to specialized vocabulary. While not common in everyday speech, it enriches your ability to express complex ideas.

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