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1、The history and development of Chinese currency1;.Definition A generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.Currency2Ancient Cu
2、rrencyChina is one of the countries where money was used earliest in the world. After Qin Dynasty unified the country, official metal money was cast of Bronze circular in shape with a square hole through the center. This kind of bronze coins had been used in China for over 2000 years until up to Son
3、g Dynasty when earliest paper money in the world appeared. 3Over 3000 years ago, China began to use shells as money which was also called cowries.In antiquity, people used shells for exchange.Cowries ( (贝币贝币) )4Bronze CoinsBronze Coins In the 11th century BC, the bronze was found to be more durable
4、than shells and also convenient carry and collect, so bronze coins were cast in imitation of seashells. Bronze coins in later periods roughly fall into four types: spade coins(布币), knife coins(刀币), round coins(环币) and yibi cowries(蚁鼻币). 5Spade coins of the Warring States Period （战国布币）Half tael coins
5、 of Qin Dynasty (秦代半两铜币)6Spade coins in the period of Wangmang (王莽布币)Yibi cowries in the shape of ants creeping on the nose (楚国蚁鼻钱)7Knife coins8These are one kind of ancient Chinese bronze coins with a weight of five Zhu (about 3.33 gram) and two Chinese characters “五铢” cast on the face. The casting
6、 of Wu Zhu coins began in the year of 118 BC and it had circulated for over 700 years because it had a proper size and convenient weight.Wu Zhu CoinsWu Zhu Coins910Coins of Kaiyuan Tong BaoCoins of Kaiyuan Tong BaoTong Bao is the name of one kind of ancient Chinese bronze coins which were first used
7、 in Tang Dynasty and lasted over 300 years as the main currency. Kaiyuan Tong Bao refers to the bronze coins that were cast in the beginning years of Tang Dynasty.1112In Qing Dynasty, each emperor had a reign title and the coins cast were named after the reign title of the emperor on the throne. Xia
8、nfeng was the reign title of one emperor in Qing Dynasty, and the coins cast in his reign were called Xianfeng Tong Bao.13Coins of Xianfeng Tong Bao14Jiaozi Jiaozi ( (交子交子) )Jiaozi was a kind of paper money used earliest in China and also in the world. It was first issued by wealthy businessmen in C
9、hengdu, Sichuan Province in the early years of Northern Song Dynasty (from about 998 to 1022) , and then in the year of 1023, began to be printed and issued by the government. This kind of paper money, more convenient in use than metal currency, was circulated in markets and could also be exchanged
10、with silver money.15Jiaozi: the worlds first known paper money16Longyang: Dragon Silver Dollar CoinsLongyang: Dragon Silver Dollar Coins In the late years if Qing Dynasty, Viceroy Zhang Zhidong who administered Guangdong and Guangxi made a kind of Chinese silver dollar coins with machine. With a dra
11、gon design cast on one side, they were also called Longyang (Dragon Silver Dollar Coins)17Longyang(龙洋)18Modern CurrencyRenminbi (RMB) is the legal currency of PRC, issued by the Peoples Bank of China. It has comprehensively reflected the political, economic and cultural characteristics in different
12、historical periods of China and has the reputation of “Identity Card” of the state. Form the year of 1948 till now, five series of RMB have been issued. 19New China currencyThe lawful currency of the Peoples Republic of China is the RMB, and the unit is Yuan.There has already implemented five sets o
13、f RMB,and it is to be a currency system of paper, metal, general and precious metal souvenir coin and so on. 20;.The sample of No.1 series of RMB paper notes 21The sample of No.2 series of RMB paper notes22The sample of No.3 series of RMB paper notes23The sample of No.4 series of RMB paper notes24Th
14、e sample of No.5 series of RMB paper notes25Function of moneyGenerally, economists have defined fifth types of functions of money which are as follows: (i) Medium of exchange(ii) Measurement of value;(iii) Standard of deferred payments (iv) Store of value (v) World Currency.These first four function
15、s of money have been summed up in a couplet which says: Money is a matter of functions four, a medium, a measure, a standard and a store. The fifth function world currency is derived from medium of exchange.Medium of exchange : Money acts as a medium of exchange as its generally accepted. On the pay
16、ment of money, purchase of goods and services can be madeThe World currency is along with the development of commodity production and exchange.When the commodity exchange beyond national boundaries as the international trades, currency as reflecting form of value, has become a worldwide universal eq
17、uivalent of commodity, that is world currency.26Chinese Currency and SDRThe IMFs decision will eventually put the yuan alongside the dollar, euro, pound and yen in the funds reserve-currency basket, with the IMF giving more weight to Chinas currency than to either the yen or pound.But while the deci
18、sion is a boost for Chinas national self-esteem, it isnt likely to drive a huge surge in yuan buying. Nor is there much threat the yuan as the worlds preeminent reserve currency, especially given Chinas many political and economic challenges.China will speed up the effort to promote financial reform
19、s and opening.The move will help pave the way for broader use of the renminbi in trade and finance, securing Chinas standing as a global economic power.27Conclusion The Renminbi marches towards internationalization The effect of high-speed political, economic and cultural development is that Chinas
20、status in international society is constantly rising, and China is engaging more frequently in cultural and economic exchange and cooperation with other nations of the world. SDR inclusion could be interpreted as international recognition of Chinas increased economic importance and role in global fi
21、nancial markets.Every IMF member holds at least some SDRs. Thus, the yuan become freely usable currency, generally accepted by States, RMB business will be more cross-border investment convenient. RMB incorporate SDR will help to broaden the channels for domestic residents to invest overseas, to enh
22、ance the effective purchasing power of the people, has brought tangible benefits to the people. the commercial banks , it should increase the RMB-related products and services innovation, to meet domestic and foreign customers growing needs. At the same time, the influence of the Renminbi in the international financial world has been steadily increasing, and it is now well on the way to becoming an internationally recognized currency.28 Thank you29
