Chinese yuan
From Wikipedia, the free encyclopedia
People's Republic of China) and New Taiwan dollar (
Republic of China (Taiwan)).
The yuan (everyday use: 元; Traditional Chinese: 圓; Simplified Chinese: 圆; pinyin: yuán; Wade-Giles: yuen; literally "round") is, in the Chinese language, the base unit of a currency. For example, the US dollar is Meiyuan (美元). However, in an international context, yuan refers to the base unit of various Chinese currencies, including the renminbi (CNY) and the New Taiwan dollar (TWD).
One yuan is divided into 10 jiao (角) or colloquially mao (毛). One jiao is divided into 10 fen (分). In Cantonese, widely spoken in Hong Kong and Macau, jiao and fen are called ho (毫) and sin (仙). "Sin" is a word borrowed into Cantonese from the English "cent".
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[edit] Etymology and Characters
Yuan in Chinese literally means a "round object" or "round coin". During the Qing Dynasty, the yuan was a round, silver coin.
As with the Chinese numerals, the character for yuan has two forms — a less formal, 元, and a more formal, 圓 or 圆, the latter being used to prevent alterations and accounting mistakes. The Japanese yen was originally also written 圓, but is now represented by the simplified character 円 due to the promulgation of the toyo kanji in 1946. The Korean won used to be written 圓 some time after World War II and as 圜 from 1902 to 1910, but is now written as 원 in Hangul exclusively, in both North and South Korea. The Hong Kong dollar and Macanese pataca are also written as yuan in Chinese.
Shop prices in mainland China and Taiwan are usually marked with 元 after the digits. In mainland China, ¥ (a Y with two crossbars) before the digits is also common.
The Chinese pronunciation of yuan is one syllable and is pronounced closer to the English pronunciation of "yen". This is not to be confused with the Japanese pronunciation which is "en", with no y sound. Sometime in English yuan is incorrectly pronounced as /ju:'æn/ (two syllables). In many parts of China, it is colloquially known as the kuai (Traditional Chinese: 塊; Simplified Chinese: 块; pinyin: kuai; literally "piece").
[edit] Connection with dollar
Originally, a silver yuan had the same specifications as a silver dollar. During the Republican era (1911 - 1949), the English translation "yuan" was often printed on the reverse of the first yuan, but sometimes "dollar" was used in English.[1]
In the Republic of China, the currency name in English is "New Taiwan dollar", but banknotes issued between 1949 to 1956 used "yuan" as the English translation.[2]
[edit] History
[edit] First yuan, 1889-1948
The yuan was introduced at par with the Mexican peso, a silver coin which circulated widely in South East Asia. It was subdivided into 1000 wen (文, cash), 100 fen (分, cents) or 10 jiao (角, not given an English name, cf. dime). It replaced the wen and various silver ingots called sycee. The sycee were denominated in tael. The yuan was valued at 0.72 tael.
The earliest issues were silver coins produced at the Kwangtung mint in denominations of 5 fen, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar coins. Copper coins in denominations of 1, 2, 5, 10 and 20 wen were also issued. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the "Imperial Bank of China" and the "Hu Pu Bank" (later the "Ta-Ch'ing Governemnt Bank"), established by the Imperial government.
After the revolution, although the designs changed, the sizes and metals used in the coinage remained mostly unchanged until the 1930s. The majority of regional mints closed during the 1920s and 1930s, although some continued until 1949. From 1936, the central government issued nickel (later cupro-nickel) 5, 10 and 20 fen and ½ yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940.
The number of banks issuing paper money increased after the revolution. Significant national issuers included the "Commercial Bank of China" (the former Imperial Bank), the "Bank of China" (the former Ta-Ch'ing Governemnt Bank), the "Bank of Communications", the "Ningpo Commercial Bank", the "Central Bank of China" and the "Farmers Bank of China". Of these, only the Central Bank of China issued notes beyond 1943. An exceptionally large number of banknotes were issued during the Republican era (1911 - 1949).
Between 1930 and 1948, banknotes were also issued by the Central Bank of China denominated in customs gold units. These circulated as normal currency in the 1940s alongside the yuan.
[edit] Second (Gold) yuan, 1948-1949
Banknotes of the first yuan suffered from hyperinflation following the Second World War and were replaced in November 1948 by notes denominated in gold yuan, worth 3 million old yuan. There was no link between the gold yuan and gold metal or coins and this yuan also suffered from hyperinflation.
[edit] Third (Silver) yuan, 1949
In July 1949, the Nationalist Government introduced the silver yuan, which was initially worth 500 million gold yuan (Silver yuan on Chinese wikipedia). It circulated for a few months on the mainland before the end of the civil war. This silver yuan remained the de jure official currency of the Republic government on Taiwan until 2000.
[edit] Japanese Occupation yuan, 1937-1945
The Japanese occupiers issued coins and banknotes denominated in li (釐, 1/1000 of a yuan), fen, jiao and yuan. Issuers included a variety of banks, including the "Central Reserve Bank of China" (for the puppet government in Nanking) and the "Federal Reserve Bank of China" (for the puppet government in Beijing). The Japanese decreed the exchange rates between the various banks' issues and those of the Nationalists but the banknotes circulated with varying degrees of acceptance among the Chinese population. Between 1932 and 1945, the puppet state of Manchukuo issued its own yuan.
[edit] First Communist yuan, 1931-1935
The various Soviets under the control of China's communists issued coins between 1931 and 1935. These were denominated in yuan, jiao, fen and wen.
[edit] Second Communist yuan, 1948-1955
As the communist forces took control of most of China, they introduced a new currency, in banknote form only, denominated in yuan. This became the sole currency of mainland China at the end of the civil war.
[edit] Renminbi yuan, 1955-
A new yuan was introduced in 1955 at a rate of 10,000 old yuan = 1 new yuan. It is known as the renminbi yuan.
[edit] First Taiwanese yuan
In 1946, a new currency was introduced for circulation in Taiwan, replacing the Japanese yen. It was not directly related to the mainland yuan.
[edit] Second Taiwanese yuan
In 1949, a second yuan was introduced in Taiwan, replacing the first at a rate of 40,000 to 1. This is the currency of Taiwan today.
[edit] See also
[edit] References
- ^ Ronald Wise. Banknote images of China, 1914 - 1949. Retrieved on 2006-11-23.
- ^ sinobanknote.com. Table of New Taiwan dollar. Retrieved on 2006-11-23.
| Currencies of China | |
|---|---|
| Overview | Chinese currency |
| Ancient and medieval | Knife money · Flying cash · Jiaozi · Huizi |
| Near modern | Wen · Candareen (fēn) · Mace (qián) · Tael (liǎng) |
| Republic of China | Yuan · Customs gold unit · OT$ (yuan) · NT$ (yuan) |
| Renminbi series | 1st · 2nd · 3rd · 4th · 5th |
| SARs | Hong Kong dollar · Macanese pataca |
