What is the RMB?
RMB is the legal tender of the People’s Republic of China, its abbreviation is RMB; Currency code: CNY; The currency symbol is ¥, which is issued by the People’s Bank of China. The currency was first issued on December 1, 1948. Up to October 1, 1999, the new version was put into use, and a total of five sets have been issued.
On January 20, 2016, the People’s Bank of China revealed at the meeting held here that it would strive to launch the digital currency issued by the central bank at an early date. The meeting believed that under the new normal of China’s current economy, exploring the issue of digital currency by the central bank has positive practical significance and far-reaching historical significance.
On November 30, 2015, the International Monetary Fund (IMF) announced the official inclusion of RMB in the IMF Special Drawing Rights basket with a weight of 10.92%. The resolution will take effect on October 1, 2016.
On March 8, 2016, the central parity rate of RMB against the US dollar rose for four consecutive times.
Issuance of history
In addition to the 1, 2 and 5 cent coins, the first, second and third sets of RMB have been withdrawn from circulation. The fourth and fifth sets of RMB are in circulation, with the fifth set as the main one. Banknotes in circulation are: 1, 5 jiao, 1, 5, 10, 20, 50, 100 yuan; There are dimes, nickels and yuan.
The “People’s Bank of China” on the renminbi has changed from left to right.
Introduction to the first set of RMB
The first set of RMB was issued successively from December 1, 1948 to December 1953. 62 editions in 12 denominations, There are 2 kinds of 1 yuan coupons, 4 kinds of 5 yuan coupons, 4 kinds of 10 yuan coupons, 7 kinds of 20 yuan coupons, 7 kinds of 50 yuan coupons, 10 kinds of 100 yuan coupons, 5 kinds of 200 yuan coupons, 6 kinds of 500 yuan coupons, 6 kinds of 1000 yuan coupons, 5 kinds of 5000 yuan coupons, 4 kinds of 10,000 yuan coupons, 2 kinds of 50,000 yuan coupons (the picture of the front of the Wanshou Hill issued in 1949) 100 yuan coupons and the front There are two editions of each $50 voucher).
The second set of RMB introduction
The second set of RMB was issued successively from March 1, 1955 to April 20, 1962. The State Council issued an order on February 21, 1955, deciding that the People’s Bank of China would issue a second set of RMB and take back the first set of RMB as of March 1, 1955. Due to the lingering effects of continuous inflation for many years before liberation, the denomination of the first set of RMB was relatively large (no more than 50,000 yuan), and the unit value was relatively low. When it was calculated in circulation, the unit was taken as 10,000 yuan, which was not conducive to the circulation of commodities and economic development, and brought great inconvenience to people’s lives.
In addition, due to the limitations of material and technical conditions at that time, the paper quality of the first set of RMB was poor, with a wide variety of notes (62 kinds) and a single description.
The conversion ratio of the second set of RMB and the first set of RMB is: 1 yuan of the second set of RMB is equal to 10,000 yuan of the first set of RMB. On March 1, 1955, the second set of RMB was issued in 10 varieties: 1 cent, 2 cents, 5 cents, 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 3 yuan and 5 yuan. On December 1, 1957, another 10 yuan was issued. At the same time, in order to facilitate circulation, The State Council issued an order, starting from December 1, 1957, three kinds of coins, one cent, two cents and five cents, were circulated with the same value as paper pennies.
Later, the patterns and patterns of 1 yuan banknotes and 5 yuan banknotes were adjusted and changed respectively. On March 25, 1961 and April 20, 1962, black 1 yuan banknotes and brown 5 yuan banknotes were issued respectively, which increased the number of editions of the second set of RMB from 11 to 16 respectively. On April 14, 1964, the People’s Bank of China issued the “Notice on the Recall of Three kinds of RMB notes”, deciding to recall the 1953 version of 3 yuan, 5 yuan and 10 yuan banknotes printed by the Soviet Union within a time limit from April 15, 1964, and to stop buying and circulating on May 15, 1964.
The third set of RMB introduction
The third set of RMB was issued successively from April 20, 1962 to January 5, 1974. At that time, China had gone through three consecutive years of economic difficulties. Under the guidance of the eight-character policy of “adjust, consolidate, enrich and improve” adopted by the CPC Central Committee, China overcame numerous difficulties and vigorously developed production. With the approval of The State Council, the People’s Bank of China began to issue the third set of RMB on April 20, 1962, in order to promote the development of industrial and agricultural production and the circulation of commodities for the convenience of the people. The third set of renminbi and the second set of renminbi bills of equal value, and mixed circulation in the market.
The third set of RENMINBI in the second set of Renminbi on the basis of the full adjustment of the edition, the cancellation of the second set of Renminbi 3 yuan banknotes, increased 1 jiao, 2 jiao, 5 jiao and 1 yuan four kinds of metal coins. Since April 20, 1962 in the third set of RMB issue bordeaux red 1 Angle of notes to the Angle of April 15, 1980, issue 1, 2, 5 horn, 1 yuan coin check, after 18 years of gradual adjustment, replacement, will gradually recover the second yuan (except 6 kinds of paper, hard cents) 10, have issued in the third set of RMB 13 species, among them, 10 yuan notes, 5 yuan notes, 2 yuan notes, 1 yuan notes, 5 jiao notes, 2 jiao notes; Three one-cent notes; One yuan coin, five dimes coin, two dimes coin, one dimes coin.
The fourth set of RMB introduction
The fourth set of RMB was issued successively from April 27, 1987 to September 22, 1998. The fourth set of RMB is issued when the economy develops, retail sales increase and the demand for money increases. With the implementation of the reform and opening-up policy at the Third Plenary Session of the Eleventh Central Committee of the CPC, China’s national economy has developed rapidly and the retail sales of social commodities have increased substantially.
In order to meet the needs of economic development and further improve China’s monetary system, The State Council issued an order to issue the fourth set of RMB on April 25, 1987, instructing the People’s Bank of China to issue the fourth set of RMB successively from April 27, 1987.
The fourth set of 14 RMB notes will be published once and issued in installments. On April 27, 1987, the first 50 yuan and 5 jiao notes were issued. On May 10, 1988, 100 yuan, 2 yuan, 1 yuan and 2 jiao notes were issued. On September 22, 1988, 10 yuan, 5 yuan and 1 jiao notes were issued. In order to improve the anti-counterfeiting ability of RMB, the 1990 version of 50 yuan and 100 yuan banknotes were issued nationwide on August 20, 1992.
According to Decree No. 97 of The State Council of May 8, 1992, the People’s Bank of China issued the fourth set of RMB 1 yuan, 5 jiao and 1 jiao coins since June 1, 1992. Make the fourth set of RMB structure more complete. To facilitate market circulation, the 1990 and 1996 one-yuan banknotes were issued nationwide on March 1, 1995 and April 1, 1997. On April 10, 1996, the 1990 2-yuan note was issued nationwide.
The fifth set of RMB introduction
The fifth set of RMB was issued after September 28, 1999. Since the reform and opening up, with the continuous, healthy and rapid development of the socialist market economy, the demand for cash is increasing day by day. The design and printing of the fourth set of RMB is limited by the conditions at that time, and there are some shortcomings in itself, such as simple anti-counterfeiting measures, which are not conducive to the anti-counterfeiting of RMB; Lack of machine reading performance, is not conducive to automatic banknote processing and so on. All this calls for the timely issuance of a new version of the renminbi.
The fifth set of RMB inherits the traditional experience of China’s printing technology and draws on the advanced technology of foreign banknote design. In the raw material process to do the improvement, improve the comprehensive quality of paper and anti-counterfeiting. The fixed watermark has strong stereo sense and vivid image. Magnetic micro-text safety wire, color fiber, colorless fluorescent fiber and other organic use in paper, and the use of computer-aided design manual engraving, electronic engraving and printing corrosion combined with comprehensive plate making technology.
Especially in the second-line and third-line anti-counterfeiting, the international common anti-counterfeiting measures are adopted, which provide conditions for professionals and researchers to identify authenticity. Compared with the fourth set of RENMINBI, the fifth set of RENMINBI anti-counterfeiting skills increased from a dozen to more than 20, the main portrait, watermark, denomination numbers are larger than before, easy to identify the masses. With the application of advanced science and technology, the fifth set of RMB has greatly improved its anti-counterfeiting performance and adaptability to the modernization of currency processing.