Convert VET to CNY

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Chinese Yuan RMB (CNY)

The Chinese yuan is the official currency of Mainland China. Technically, the yuan is the base unit of the renminbi currency (RMB), but it is sometimes referred to interchangeably with the renminbi.

Origins of Chinese Currency

Dating back over 3000 years, Chinese currency has its roots in both Ancient and Imperial China. In 1914, the Republic of China established the Silver Dollar as its official currency, complemented by the introduction of copper, fen, and nickel coins during the 1930s. However, silver's increased value led to a shift away from the silver standard. Consequently, in 1935, a new currency named Fǎbì was introduced.

Renminbi in Global Exchange

During the period of a controlled economy, the Chinese Yuan Renminbi was pegged to unrealistic exchange values, leading to stringent currency regulations. As China's economy began opening up in 1978, the Yuan Renminbi was primarily utilised domestically, prompting foreigners to resort to exchange certificates, which consequently fostered a thriving black market.

From 1997 to 2005, the Chinese government fixed the exchange rate of the Yuan Renminbi to the US Dollar at an approximate rate of 8.3 CNY to 1 USD. In 2005, a more flexible exchange rate mechanism was introduced, readjusting the RMB to 8.1 Renminbi per US dollar. China initiated a pilot program in 2009, permitting certain businesses in regions like Guangdong and Shanghai to conduct trade with counterparts in Hong Kong, Macau, and select nations. This program has expanded nationwide and internationally. Furthermore, China has established direct currency trade agreements with Australia, Japan, Thailand, Russia, and Vietnam, bypassing the need to convert to the US Dollar. Presently, the Renminbi's value operates under a managed float, determined by a basket of foreign currencies.