Renminbi

The story

Renminbi is the currency’s name; yuan is its unit of account. Its first notes appeared on December 1, 1948. The emerging system consolidated regional currencies rather than arriving everywhere through a single universal conversion. ^{[1] [2]}

These local transitions had their own terms. Jinan Bank currency was one input during 1948–1950. In the Northeast, accounts, contracts, and debts were converted on April 1, 1951 at 9.5 Northeast yuan to one then-current renminbi yuan. That later incorporation should not be mistaken for the beginning of renminbi itself. ^{[2] [3]}

On March 1, 1955 a new numerical scale exchanged 10,000 old yuan for one new yuan. The second series of notes expressed that smaller scale. This was a redenomination of the same currency, not the birth of a separate renminbi. ^[1]