By Admin 
China is one of the largest countries in Asia. It is also the second largest economy in the world. Talking about its currency, China’s currency is called Renminbi. It is called Yuan in common parlance. Just as in India, Rupee is represented by ₹ symbol and INR code, similarly China’s currency symbol is ¥ and code is CNY. Renminbi means people’s currency and has been given the official name of China. When people say Yuan, they are referring to this unit of currency. According to the report of vice.com, the price of 1 yuan in India is 12 rupees 46 paise. According to this, if an Indian earns 1 lakh yuan by going to China, then after coming to India its value will be Rs 12 lakh 45 thousand 710.
The currency of China is operated by the People’s Bank of China. This is the same institution that issues Renminbi and determines the currency policy of the country. The role of this bank is similar to that of the Reserve Bank of India (RBI) in India. Today Renminbi has become the 5th most used currency in the world. With the increase in China’s international trade, the importance of this currency is also continuously increasing.
Why is China’s currency so strong?
The strength of any country’s currency is not only measured by its value against the dollar, but also depends on its economic stability, trade, and foreign investment. China’s economy has been very strong for the last two decades. Strict government policies, controlled inflation and large foreign exchange reserves have made the Renminbi one of the most stable currencies in the world. China has the world’s largest forex reserve, due to which any major economic shock does not immediately affect its currency. Apart from this, due to the increase in China’s exports, the demand for Yuan is also increasing at the international level.
Difference between currency of India and China
While India’s economy is still in the developing stage, China has made rapid progress in the industrial and technological sectors. This has had a direct impact on its currency also. This is the reason why the position of Yuan remains strong against the Rupee. Compared to India, China has lower inflation rate and higher production capacity. Due to this, the purchasing power of Renminbi is higher.
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