Comment by xingped
6 hours ago
It's a little confusing, but technically RMB (renminbi) is the official name of the currency and CNY (yuan) is the base unit of the currency. Think of it like the difference between USD ("US Dollar") vs "dollar and cents", except there is no fractional yuan equivalent of cents, so it's all just yuan.
So the conversation might go, "Hi we're Deutsche Bank - we're able to clear renminbi transactions up to one million yuan." ?
That would most likely be the most correct way to say it, yes.
Pretty sure the jiao (角) (1/10th of a yuan) is still in use?
Oh yeah, you're right, I forgot about that. It doesn't really get used much except occasionally for very small transactions, usually ones less than 10yuan.
nobody really use jiao (1/10th RMB/CNY), same as nobody really use yuan (CNY/RMB)
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
No there are cents, they are called fen (分).
It's in Japan that it's all just Yen.
Yeah, you're right, you just literally never see any transaction using the 0.01 unit (fen) and only very rarely see any transaction use the 0.1 unit (jiao).