The latest on AUD to CNY exchange rates
To learn more about the history of the Chinese yuan renminbi and its relationship with the Aussie dollar, keep reading below.
Exchange rates last updated Tuesday, 24 May 2022 8:51:54 PM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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The lowdown on the Chinese yuan renminbi
Knowing exactly what to call the Chinese currency can get a bit confusing. The renminbi is China’s official currency, but the yuan is its basic unit. It’s a bit like in the UK, where the currency is pounds sterling – we don’t say sterling on its own, we just talk about pounds.
In a country known as the People’s Republic, renminbi means the people’s currency – it was introduced when the Communist People’s Republic of China was formed in 1949. You can use yuan in mainland China, but not officially in Hong Kong or Macau – although they might be accepted in some places.
The yuan goes by different names in some parts of China – in Tibet it’s called a gor, and in Mongolia it’s sometimes known as a tugreg or yuani. But the most common name for yuan is kuai, which means piece, or kuai qian, which means pieces of money. In China, it’s just like saying buck in Australia or quid in the UK.
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