Chinese yuan exchange rate – CNY/PLN

China's currency has its traditions rooted in ancient times. Around 900 BC during the Zhou Dynasty, the first copper coins appeared. During the time when China was ruled by Qin Shi Huang (247 BC - 221 BC), it was decided to produce coins using bronze. The first paper money appeared in China during the Yuan Dynasty (1271-1368). Unfortunately, the lack of gold and silver coverage caused the country to experience high inflation very quickly. In 1889, the yuan was introduced, with its value set at the level of the Mexican peso. For many years, China's currency functioned in chaos. It survived the collapse of the Chinese Empire in 1914, the unstable political situation in the Republic of China (including battles between Communists and Nationalists), and the war battles with Japan. The situation of the CNY was only brought to order in the 1980s when the People's Bank of China was established, which is still responsible for issuing the CNY and managing the reserves held in gold and foreign currencies.

1 yuan is divided into 10 jiao, and 1 jiao is in turn divided into 10 fen. The formal name of the CNY is renminbi, which translated means „people's currency”. However, we most commonly encounter the term „yuan”, which dates back to the time when China was ruled by the Qing dynasty. At that time, the word yuan meant „round object”. All denominations from 1 fen to 100 yuan are available in the form of banknotes. There are also parallel coins in the form of 1, 2 and 5 fen, 1 and 5 jiao and 1 yuan. Each of the banknotes depicts the image of Mao Zedong – the Chinese dictator who was in power from 1949 to 1976. The Chinese yuan, in addition to China, is also used unofficially in countries such as Cambodia, Zimbabwe, Nepal and Myanmar. Just as US dollars are often referred to as „green”, it is colloquially accepted to refer to the CNY as „red”. The exchange rate of the yuan is considered to be one of the most stable in the world, thanks to the Chinese central bank, which controls it. This exchange rate is kept artificially low in order to maximise revenue from the export of goods abroad. This is a tactic that definitely sets China apart from foreign economies, as in most cases the exchange rate of a given currency is floating and driven by the situation in the markets.