Within our ongoing efforts to expand the range of services we provide to our clients, we have included the Chinese yuan among the currencies that can be converted in our network of exchange offices. The conversion of this currency can be done in all our exchange offices throughout Belgrade and the whole of Serbia, and the daily course can be followed on our exchange rate list.
Also, from now on we convert also Japanese yen, Czech crown, and Polish zloty.
Chinese Yuan ¥
The People's Republic of China is the world's largest manufacturer, the world's largest exporter, and the world's second largest economy. With its enormous and ever-growing global significance, the Chinese yuan is increasingly becoming a global currency, not hiding its ambition to serve as a potential alternative to the US dollar.
The People's (Central) Bank of China, the country's main monetary authority, issues the Chinese yuan. The symbol for the yuan is ¥ and the code is CNY. This currency is also known as renminbi (RMB or national currency), in the international context however the name yuan is most frequently used. The yuan follows a floating exchange rate, with which the central bank has the most control in its evaluation compared to other currencies.
Having been in use for over 2,000 years, the yuan was the first currency with a decimal system. It was also the first to introduce metal coins and paper money, which has shaped the global financial system to a great extent.
Today, with the growth of the Chinese economy, the position and importance of the yuan in the world monetary order is also strengthening. In March 2018, China opened its own international oil exchange that will trade in yuan. With this, the petroyuan project, announced back in 1993, was realized. The formation of the petroyuan represents the establishment of competition with the petrodollar, the monopoly US dollar enjoyed in international trade, and it shall continue the gradual process of de-dollarization.