Getting to Know Yuan
On Thursday night China changed its currency to a managed float after being pegged to the US dollar since 1994. In Australia we are likely to see more media comments on how many Yuan to the Aussie dollar (currently 6.21Yuan to the $1 Aussie) as our trade with China increases. Here is a brief backgrounder.
The Chinese currency is generically called Renminbi (literally ?people's currency ?) just like the English currency is referred to as sterling. The unit of currency is the ?yuan? (literally ?a round object?) not to be confused with the Korean ?won? and the Japanese ?yen?.
Because yuan is also the usual Chinese translation for dollar, currency is sometimes written as CN$. In currency trading markets the abbreviation is CNY or CHRenm. Banknotes range from 1 to 100 yuan and carry a picture of Mao Zedong. A Big Mac costs CNY10.50 in China compared to $3.25 in Australia but if you take your AUD$3.25 there and change it at today's exchange rates, you could buy almost 2 Big Mac?s.
Posted Saturday, 23 July 2005
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