Currency |
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| Chinese currency is based on the decimal system, and it consists of paper money and coins. The smallest coin is 1 fen, 10 fens make up a jiao (also called "mao") and 10 jiao (or mao) make up a yuan (which is also commonly called "kuai"). Paper money comes in 10 denominations 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, and 100 yuan. China's fifth set of new currency was rolled out over several years beginning in the 1990s, with the most recent (and final) addition to the set being the new purple five yuan and five jiao coin in 2002. Old notes particularly the fives and 100s (issued in 1999) are still in circulation, so don’t be surprised if you receive currency of the same denomination that looks different. The old 100 yuan note has pictures of four of the founders of The People's Republic of China. From right to left is: Mr. Mao Zedong, Mr. Zhou Enlai, Mr. Liu Shaoqi, and Mr. Zhu De. And the new 100 yuan note only has the picture of Mr. Mao Zedong. Jiao and fen are issued in bills and coins, although the paper jiao and fen are being phased out in favor of the coins. Coins come in denominations of 1 fen, 2 fen, 5 fen, 1 jiao, 5 jiao, and 1 yuan, although these days, the fen isn't used much anymore. |