Chinese Yuan

Overview

Economy

• People's Republic of China is a member of BRICS (founding member), Shanghai Cooperation Organization (SCO) - founding member, ASEAN Plus mechanisms, Regional Comprehensive Economic Partnership (RCEP), Asia-Pacific Economic Cooperation (APEC), G20 (major economy member), Asian Infrastructure Investment Bank (AIIB) - founding member.
• Main industries include: Manufacturing (36.5% of GDP), Services (55.0% of GDP), Agriculture (8.5% of GDP), Technology and electronics, Steel and metals, Automotive, Chemicals and petrochemicals, Textiles and apparel, Renewable energy equipment, High-speed rail and infrastructure.
• People's Republic of China is part of the World Trade Organization.
• Imports are crude oil and petroleum products, iron ore and raw materials, semiconductors and electronic components, soybeans and agricultural products, natural gas, copper and other metals, machinery and equipment, automotive parts.
• Major exports include electronic equipment and machinery, textiles and clothing, steel and metals, automotive and parts, chemicals, solar panels and renewable energy equipment, furniture, toys and sporting goods, footwear.
• GDP: $18.74 trillion (2024, nominal), $30.33 trillion (2024, PPP).
• GDP per capita: $13,136 (2024, nominal).
• Unemployment rate: 5.1% urban unemployment (2024).
• Inflation rate: 0.4% CPI (2024 average).
• Main trading partners: United States ($753.4 billion trade volume), ASEAN countries, European Union, Japan, South Korea, Germany, Australia, Brazil, Russia, India.
• Trade agreements: Regional Comprehensive Economic Partnership (RCEP) - world's largest trade agreement, China-ASEAN Free Trade Agreement, Belt and Road Initiative (BRI) - over 140 participating countries, China-Australia Free Trade Agreement, China-South Korea FTA, China-Chile FTA, China-Pakistan FTA, China-New Zealand FTA.

History

• Previous currencies used: Imperial Chinese currencies, Silver taels system, Various regional currencies, Nationalist government currencies, Japanese occupation currencies (1937-1945).
• The yuan was first introduced in 1889 during the Qing Dynasty, but the modern renminbi system was established by the People's Republic of China in 1949. The current monetary system has evolved significantly since economic reforms began in 1978.
• 1889: Yuan first introduced during Qing Dynasty
• 1935: Nationalist government currency reform
• 1948: People's Bank of China established
• 1949: Renminbi introduced by People's Republic of China
• 1978: Economic reform and opening up begins
• 1994: Currency unification and devaluation to 8.28 per USD
• 2005: End of USD peg, managed floating introduced
• 2008: Global financial crisis response measures
• 2010: Internationalization of RMB begins
• 2015: Market-oriented exchange rate reform
• 2016: Inclusion in IMF SDR basket (10.92% weight)
• 2020-2022: COVID-19 pandemic economic impact
• 2024: Monetary stimulus measures and policy support

General Information

• ISO 4217 Code: CNY
• Symbols: CNY/¥
• Currency Subunits: 10 jiao = 100 fen
• Central Bank: People's Bank of China (PBOC)
• Monetary Policy: [object Object]
• Bills: 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan
• Coins: 1 fen (rarely used), 2 fen (rarely used), 5 fen (rarely used), 1 jiao, 5 jiao, 1 yuan
• USD Exchange Rate: 7.10-7.25 CNY per USD (2024 range)
• Pegged To: None (Floating)
• Capital: Beijing
• Population: 1,408.28 million (2024), declining by 1.39 million from 2023
• Area: 9,596,960 km²
• Languages: Mandarin Chinese (official), Cantonese, Wu (Shanghainese), Min, Xiang, Gan, Hakka, Various minority languages
• Time Zones: UTC+8 (China Standard Time) - single timezone for entire country
• Government Type: One-party socialist republic under Communist Party leadership
• Head of Government: President Xi Jinping (head of state), Premier Li Qiang (head of government)
• Independence: October 1, 1949 (People's Republic of China established)
• Ethnic Groups: Han Chinese 91.1%, Zhuang 1.3%, Other minorities 7.6% (55 recognized ethnic minorities)
• Religions: Buddhism 18.2%, Christianity 5.1%, Folk religion 21.9%, Islam 1.8%, Hinduism 0.1%, Other 0.7%, Unaffiliated 52.2%
• Literacy Rate: 96.8% (2018 est.)
• Transport: railways: 155,000+ km including 45,000+ km high-speed rail (world's largest network), highways: 5.28 million km total road network, airports: 250+ commercial airports, ports: Major ports: Shanghai, Ningbo-Zhoushan, Shenzhen, Guangzhou, Qingdao, urbanTransit: Extensive metro systems in major cities, BRT networks, shipping: World's largest merchant fleet
• Communications: internetUsers: 1.05+ billion users (75% penetration), mobileSubscriptions: 1.78+ billion subscriptions, broadband: 590+ million fixed broadband connections, 5G: World's largest 5G network with 3.4+ million base stations, digitalPayments: Highly developed mobile payment ecosystem (Alipay, WeChat Pay)
• Energy: totalCapacity: 2.9+ billion kW installed capacity (2024), coalShare: 55.6% of energy consumption, renewables: 29.4% of installed capacity (world leader in renewable capacity), nuclear: 54+ operational reactors, naturalGas: Growing share, increased imports, electricVehicles: World's largest EV market and production base
• Countries Using This Currency: People's Republic of China
• Data Sources: Central Bank: People's Bank of China (pbc.gov.cn), Economic Data: National Bureau of Statistics of China (stats.gov.cn), World Bank, IMF, Trade Data: General Administration of Customs China, WTO, Demographic Data: National Bureau of Statistics of China, Geographic Data: Ministry of Natural Resources of China, CIA World Factbook, Historical Data: PBOC archives, China Banking and Insurance Regulatory Commission
• Last Updated: 2025