What is the currency of China ?

Question

1 Answer

answered Mar 1, 2022 by Karanrawat (113k points)
selected Mar 1, 2022 by TirthSolanki

Best answer

Correct Answer - Option 3 : Renminbi

The correct answer is Renminbi.

Renminbi (RMB) is the official currency of China and it means people's currency.

It is among the world's reserve currency.
It is officially used in China and was previously used by Hong Kong and Taiwan as well.
Yuan is the basic unit of the Renminbi.
It is pegged against the US Dollar.
In December 1948 Communist Party established the People's Bank of China and thus the first RMB was issued.
‘China banknote printing and minting Corporation’ does the printing and minting works of the coins and the Banknotes. In October 2016 it became the first emerging market currency and was included in the IMF Special drawing rights basket (basket of currency that the IMF uses).
The yen is the official currency of Japan and is the third most traded currency in the foreign exchange market.
It is placed after the United States Dollar and Euro.
Lira is the currency of Turkey. Won is the currency of South Korea or the Korean Republic.