Wednesday, December 2, 2015

The Chinese Currency: When to Use Renminbi and When to Use Yuan

Paul Krugman, who should know these things given he has a Nobel Prize in (economic) geography, informs, though he does sound quite hesitant for a Nobel winner:
So the IMF has included the renminbi in the SDR, adding a world of hurt to newspaper reports; now everyone will have to deal with China’s awkward currency nomenclature. (As I understand it, you should use renminbi and yuan more or less as you use sterling and the pound; the RMB is the term for Chinese money in general, the yuan a denomination of its notes.)



  1. The "pound stirling" should go back to actually meaning a pound of stirling silver.

  2. Interesting. The people I met and know in the PRC seem to use them interchangeably. Yuan (pronounced in China: Yuán) and RMB. Maybe the Krugman should consider auditing Econ 101 in Shanghai.