US Dollar to Chinese Renminbi Conversion
The Chinese renminbi, RMB, is the official currency of the People's Republic of China (PRC). The word "renminbi" means "the people's currency." Just as the U.S. dollar has coins and smaller units of the dollar, the renminbi has smaller units called yuan, jiao and fen.
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History
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Just before the Communists took over China in 1949, the renminbi currency was issued. The rate that the renminbi was pegged at was not considered a reasonable rate with other currencies in the world, which caused hyperinflation. The Communist Chinese government stabilized the renminbi rate.
Significance
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In the global economy, China has become a leading trade partner of the United States. It is important to be aware of foreign currencies and economies in today's market. Many professionals travel to China or speak Chinese in their business dealings with Chinese corporations. Knowing about Chinese renminbi currency is significant when traveling to China in order to pay for food, hotels and other items.
Identification
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Chinese renminbi, yuan, jiao and fen currencies are colored. The main colors of the renminbi are red, green, blue, yellow, pink and purple. Pictures of Chinese renminbi can be seen at www.chinatour.com/currency/currency.htm. The yuan, jiao and fen are available in both coins and paper currency.
Considerations
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Because the Chinese market was only opened up globally in 1978, the Communist Chinese government requires all foreign currency to be converted into renminbi for purchases and payment in China. There are many renminbi exchange centers available in China for U.S. dollar-to-renminbi conversion. PRC citizens are not allowed to transfer renminbi out of the PRC. Foreign currency conversions to renminbi are closely guarded, so it is wise to know about Chinese renminbi conversion so as to avoid any trouble while visiting China. There are printable Chinese renminbi tables as well as electronic currency converters that can be purchased online or through travel stores.
Benefits
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It is always beneficial to advance one's knowledge about foreign economies, global issues, foreign currency and other cultures. Many people benefit by gaining some sort of employment or career advantages over others by having knowledge and experience about foreign countries and cultures. With the world emerging into a global economy, understanding foreign currencies and trade can explain how economies shift, change, decline, emerge and grow.
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- Photo Credit Image by Flickr.com, courtesy of Robert S. Donovan
