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About RMB

About RMB
After the foundation of People’s Republic of China in 1949, RMB (Renminbi) has been designated as the legal currency in mainland China. Up to October of 1999, China has issued five series of RMB, with Yuan, Jiao and Fen as monetary units (1 Yuan = 10 Jiao, 1 Jiao = 10 Fen). Today it is mainly the fifth version of RMB in circulation, including the 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 2 Yuan, 1 Yuan, 5 Jiao, 2 Jiao, 1 Jiao (Fen is a small unit and seldom used in daily life now). Just as other currencies in the world, not only does RMB function as a medium of exchange but also it plays an important role of introducer of Chinese culture and scenery.