RMB - what is it? Meaning and description

Finance

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

RMB. Currency

Due to financial malo-literacy in Russia, fewwho knows what these letters stand for. In turn, most people who understand the financial sphere, perfectly know the value 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.

rmb what is this

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 denominationwhich initially was one, two and five jiao, as well as 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 depictedportrait of the great leader of the PRC Mao Zedong. On the reverse side, various drawings are depicted on banknotes of different denominations. On the banknote of five yuan - Mount Taishan, ten yuan - the Yangtze River, twenty - Guilin landscape. On a paper banknote of 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 knowcurrent 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 moment it can change. So, if you convert RMB into rubles, it will be about 0.12 ¥.

If you transfer RMB to US dollars, thenwill be about 6.9 yuan per US dollar, respectively, one yuan will cost about $ 0.14. For one euro in 2017, about seven and a half yuan is given, 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 withthe term RMB, what it is, but ran into 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.

rmb currency

Commission for such transactions, as a rule,a small or no fee is charged. 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 the sake of simplicity of designating it as a world reserve currency, it was decided to introduce one more letter designation - RMB. What is more convenient than using the same symbolism, it became clear almost immediately after putting it into effect.

rmb to rubles

Before going to any country, it is importantlearn 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.

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