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Something may cost one yuan or 10 yuan. It would not be correct to say that it cost 10 renminbi. An analogy can be drawn with "pound sterling" the official name of the British currency and "pound" - a denomination of the pound sterling.
It would not be correct to say that it cost 10 sterling. Nor can you talk about the number of renminbi - or the number of sterling - to the dollar. The word "yuan" goes back further than "renminbi". It is the Chinese word for dollar - the silver coin, mostly minted in the Spanish empire, used by foreign merchants in China for some four centuries.
This is the "piece of eight" or "real de a ocho" beloved of pirates and their parrots - worth eight reales and known as a peso in Spanish and a dollar in English. The European merchants who started arriving in the early 16th Century went to China to buy silk and porcelain. Their Chinese partners wanted silver, preferably these large European-style silver coins. China, as a result, was the destination of much of the silver coming from the mines of Spanish-America.
The dollar of choice among Chinese businessmen was for a long time the Spanish Colonial Mexican dollar. Later it was the so-called Eagle Dollar produced by independent Mexico. In the second half of the 19th Century major trading nations starting producing their own "trade dollars". The Euro is referred to as Ouyuan or simply European Yuan. RMB is the official currency of China.
It is not the legal tender in Hong Kong and Macau. Difference Between Similar Terms and Objects. MLA 8 Kaushik, Nimisha. Name required. Email required. Please note: comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.
Notify me of followup comments via e-mail. Written by : Nimisha Kaushik. User assumes all risk of use, damage, or injury.
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