RMB - what is it? Meaning and description

RMB - what is this? This question is faced by almost everyone who sees this letter designation.

RMB. Currency

Because of the financial malo-literacy in Russia, few people know what these letters stand for. In turn, most people who understand the financial sphere know perfectly the importance of RMB - that this is the letter designation of the Chinese national currency, the monetary unit of the PRC. It is deciphered as "people's money". RMB is the currency included in the list of major world reserve currencies, including the US dollar, the euro, the British pound, the Japanese yen and the Swiss franc.

The Chinese yuan also has a standard world designation, which is represented in the form of the letter designation CNY.

Description

The Yuan has a double division. It consists of ten jiao, which are divided into ten more fans. Chinese money is being issued by the People's Bank of China.

In China, paper notes are used, the nominal value of which was initially one, two and five jiao, and one, two, five, ten, fifty and one hundred yuan. To date, in the course there were only banknotes in denominations from five to one hundred yuan.

On the front side of each banknote is a portrait of the great leader of the PRC Mao Zedong. On the reverse side, different designs are depicted on banknotes of different denominations. On the banknote of five yuan - Mount Taishan, ten Yuan - Yangtze River, twenty - Guilin landscape. On a paper banknote worth fifty yuan, the image of the Potala Palace flaunts , and on the hundred - the People's Palace of Congresses in Beijing.

Exchange transactions. Course

To convert RMB into rubles, you just need to know the current rate of the Chinese yuan. To date, it is approximately 8.2 Russian rubles. Before doing this, you need to understand that the exchange rate is constantly changing, as the foreign exchange market is unstable. When you learn it, you can calculate the course, but be prepared for the fact that at any time it can change. So, if you convert RMB into rubles, it will be about 0.12 ¥.

If you transfer RMB to US dollars, you will get about 6.9 yuan to one dollar, respectively, one yuan will cost about $ 0.14. For one euro in 2017 is given about seven and a half yuan, that is, about 0.13 euros for one yuan. One pound sterling is valued at almost 9 yuan, which equals 0.11 pounds for one yuan.

Those who are going to visit China and are unfamiliar with the term RMB, what it is, but collided with it, you can calm down. Thanks to the close trade and economic ties of the Russian Federation with the People's Republic of China and the large flow of Russian tourists to China and vice versa, there are no problems with currency exchange. Both in Russia and in China it is easy to exchange rubles for yuan and vice versa in almost any bank or exchange office.

The commission for such operations, as a rule, is charged a small or nonexistent. Russian rubles in the PRC is one of the most common foreign currency units, along with the US dollar, the euro and the Japanese yen.

Conclusion

Most often, the Chinese yuan is designated as CNY, but for simplicity of designating it as the world reserve currency, it was decided to enter one more letter symbol - RMB. What is more convenient than using the same symbolism, it became clear almost immediately after putting it into effect.

Before you go to any country, it is important to learn about it as much as possible. The financial aspect is one of the most important. Despite the fact that knowledge of the letter designation RMB or CNY is practically in no way useful to the tourist in practice, for the general development, all this needs to be known. In addition, it will allow you to better familiarize yourself with the financial system of China and its national currency.

A serious approach to such a specific issue can be useful, so the financial and monetary structure of the countries you are planning to travel to should be given enough attention.