Chinese Yuan
The Chinese Yuan is the official base unit of a great number of former and present-day Chinese currencies, and is usually referred to as the basic unit of the "renminbi", the currency of the People's Republic of China. The way that the terms "yuan" and "renminbi" relate to each other is the same way in which the terms "pound" and "sterling" relate when referring to the currency used in the UK. The yuan is also an unofficial currency in some countries, including Mongolia and Burma.
The yuan (which is also called the "kuai" in some dialects) is divided into ten "jiao", and one jiao is further subdivided into ten "fen". The ISO code for the currency is CNY. The official symbol for the yuan is a Chinese character that resembles the Greek letter or mathematical symbol for "pi" with a line drawn across the top. The same symbol is used sometime to depict the currency symbol for the Japanese "yen" and the Korean "won". To further confuse matters, another common currency symbol which looks like an upper case "Y" with two lines drawn through it is used sometimes to indicate renminbi.
Chinese Yuan history
Even though the history of China can be traced as far back as 1200 BC, the yuan was not introduced until the late 1800s. Prior to that, a series of copper coins had been used in China since 210 BC, and paper notes since the 9th century. The earliest coins were circular with a square hole in their centre which meant they could be threaded together.
The Chinese yuan was introduced in 1889 at a parity value level with the Mexican Peso. The new yuan could be exchanged for the previous Chinese coinage which consisted of taels, mace and candareens at a rate of 7 mace and 2 candareens. As well as the jiao and fen subdivisions mentioned above, the earliest yuans could also be subdivided into 1,000 wen. The earliest coins were 1 yuan, 1, 2 and 5 jiao, 5 fen, and 1, 2, 5, 10 and 20 wen. Banknotes in yuan values were issued as well.
The yuan was replaced in 1914 once the Republic of China was founded, after the toppling of the Qing Dynasty. The silver dollar became the national currency, but the silver coins became more valuable than their monetary denomination, and the currency collapsed. The "fabi" became legal tender in 1935, but more hyperinflation followed, and the yuan returned in 1949. Following yet more hyperinflation a new yuan currency was introduced in 1955 at a rate of 10,000 old yuan = 1 new yuan, or "renminbi yuan". This latest yuan has remained the currency of the People's Republic of China ever since.
Chinese Yuan today
Today, one Chinese Yuan is worth around £0.10, or $0.16.
One British Pound is worth CNY 9.74, while one US dollar is worth around CNY 6.13.
The rise of China as a global marketing power over the past decade or so has seen a marked rise in the number of casinos willing to accept Chinese Yuan. Many of the largest casinos will happily accept deposits from and withdrawals to native Chinese Yuan accounts, for direct transfers, credit and debit cards and eWallets.