Posted by Markoff 6 hours ago
they are called mao (1/10th RMB/CNY) and kuai (CNY/RMB) in China
but mao pretty much dont exist anymore now with electronic QR payments everywhere even in food stalls, heck even beggars have QR codes and fen is for many many years more like some monopoly money papers
It's in Japan that it's all just Yen.
I don't think I've ever used anywhere in street, shop or restaurant yuan/renmimbi, at least not in Beijing and around, some people may use yuan, hardly anyone renmimbi
here you have AI answer based on Reddit thread, which I can confirm is correct:
"In everyday spoken Chinese, kuai (块) is overwhelmingly the most common term used to state prices. Yuan (元) is used in formal writing and official contexts, while renminbi (人民币) names the overall currency system like "Sterling" or "USD" rather than a daily price unit."
Reminbi ~= Pound Sterling
Yuan ~= Pound
Kuai ~= Quid
I deal with Brits on a daily basis.
I seldom hear them use the term "pound". Everyone says quid.
In a professional environment, people usually say pound.
The distinction is context-based, not class- or education-based.
It's my understanding the same is the case for kuai vs yuan as well?
I actually don’t know the ends and outs of the pboc clearing rules but to get access to the mainland repo funding and official fx rates you have to be in good standing so direct clearing banks like deutche and J.P. Morgan in practice are more under Chinese control, not less.
Pity about the USA....