The legal currency of People's Republic of China is the Renminbi (RMB). In addition, the legal circulation in Hong Kong SAR is Hong Kong Dollars (HKD), in Macao Special Administrative Region is the Patacas (MOP), and in Taiwan is New Taiwan Dollar (NTD).
The People's Bank is the state competent authority for managing renminbi, and it is responsible for the design of the renminbi, printing and distribution. The unit of Renminbi is Yuan, and fractional currency unit of Yuan is Jiao and Fen. One yuan equals ten jiao, one jiao equals ten fens.
It has lasted for more than 50 years since the issuance of renminbi in China. It was gradually improved and increased with the development of economic and construction, as well as the needs of the people's livelihood. Till now, China has issued five sets of RMB, and formed a monetary system of multi-species, multi-series, such as the paper money and metal coins, common commemorative coins and precious metals commemorative coins, and so on. Except the three coins of one, two and five fens, the first, the second, and the third set of RMB had been withdrawn from circulation. And the current circulation of RMB is the forth, issued since 1987, and fifth set of RMB, issued since 1999 by the People’s Bank. The two sets of RMB were circulating at the same time.
Five Sets of RMB:
☆ The First Set of RMB
December 1st, 1948, the PBC was established and then it issued the first set of RMB with a total of 12 denominations, 62 versions, in which there were 2 kinds of 1 yuan, 4 kinds of 5 yuan, 4 kinds of 10 yuan, 7 kinds o
f 20 yuan, 7 kinds of 50 yuan, 10 kinds of 100 yuan, 5 kinds of 200 yuan, 6 kinds of 500 yuan, 6 kinds of 1000 yuan, 5 kinds of 5000 yuan, 4 kinds of 10000 yuan, 2 kinds of 50000 yuan.
☆ The Second Set of RMB
The second set of RMB was issued on March 1st, 1955, and meanwhile took back the first set. The second set of RMB had a total of 11 denominations, in which there were 1, 2, and 5 Fen, 1, 2, and 5 Jiao, 1, 2, 3, 5, and 10 Yuan. And among that there were 2 kinds of 1 yuan, 2 kinds of 5 yuan, and there were paper money and coin for 1, 2, and 5 Fen. Since December 1st, 1957, China had issued coins for 1, 2, 5 Fen, which were equivalent to the paper money, in order to circulate conveniently. And on March 25th, 1961 and April 20th, 1962, China had respectively issued black 1 yuan tickets and brown 5 yuan tickets, and adjusted and replaced the patterns of the appearance and the decorative pattern. For the reason that the technically demanding of large denomination bank notes was very high, so at that time, the imprint of the 3, 5, and 10 yuan was done by the Soviet Union.
☆ The Third Set of RMB
The third set of RMB was issued on April 20th, 1962 with a total of 7 denominations, which are 1, 2, and 5 jiao, and 1, 2, 5, and 10 yuan, and 13 versions, in which there were 4 kinds (including the coin) of 1 jiao, paper and coin for 2 jiao, 5 jiao, and 1 yuan. In 1966 and 1967, the paper money of 1 jiao was revised for two times, mainly to increase the watermark of the full version and adjust the color on the back.
☆ The Fourth Set of RMB
On the April 27th, 1987, the People's Bank issued the fourth set of RMB in order to meet the needs of economic development, further improve China's currency system, and facilitate circulation and trading accounts. There were totally 9 denominations of 1, 2 and 5 jiao, 1, 2, 5, 10, 50, and 100 yuan. And among which there were two versions, paper and coin, for 1, 5 jiao, and 1 yuan. On the August 20th, 1992, China had issued the revised edition of the denominations of 50 and 100 yuan ticket made in 1990, in order to meet operational needs for anti-counterfeit, and also had increased the safety line.
☆ The Fifth Set of RMB
On the October 1st, 1999, the PBC issued the fifth set of RMB, a total of 1 jiao, 5 jiao, 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan in eight denominations, of which 1 jiao, 5 jiao, and 1 yuan has two kinds the paper and coin.
The fifth set of RMB added the denomination of 20 yuan and canceled the denomination of 2 yuan according to the market needs, and made the structure of the denomination more reasonable.