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Thread: Is RMB the same as yuan?
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[quote=ROGERINCA,242630]The official name of the currency of the People’s Republic of China, is the Renminbi, which literally means “the people’s currency.” As Renminbi, can be a mouthful, the common abbreviation/reference is ‘RMB’. The principal unit of the Renminbi is the Yuan, as in the 1-2-5-10-20-50-100 Yuan notes/bills. There are also the smaller sub-units of the Yuan, which are called Jiao and Fen. When I am in China, and am purchasing an item, I use the terms RMB or Yuan interchangeably when inquiring on the price of an item to be purchased…..”how many RMB is this ??” Or, how many Yuan ?? I never have used the full term of Renminbi in the market place. The banking/financial industry may sometimes also refer to it with the abbreviation of CNY, when referencing exchange rates etc. [/quote]
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