The People’s Republic of China (“China”) is located in Asia and is the largest country by population and by size, excluding Russia and Canada. As a country, China dates back to 2070 BC, however its current form as the People’s Republic of China was only established in 1949 after the Chinese Civil War. Succeeding the nationalist government, the communist government has ruled mainland China since. The currency of China is the Yuan, which began as a form of continuation of the nationalists’ currency. It was, however, rapidly “revaluated” soon after the establishment of the new republic, with zeroes being “cut off” from the currency. Each yuan is divided into 100 fen, or 10 jiao, with early coinage from the PRC consisting principally of aluminium 1, 2, and 5 fen pieces. These coins continue to be issued for limited usage today. Following the economic reforms of the 1970s, higher denomination coins such as 1, 2, and 5 jiao (10, 20, 50 fen), and 1 yuan coins were issued for limited circulation. The first jiao- and yuan-denominated coins to be circulated on a large-scale basis were issued in the 1990s. Today, China continues to issue the fen coins, although they are not commonly used for circulation and are extremely rare to find as it is primarily banks who use them for balancing purposes. The 1 and 5 jiao, as well as the 1 yuan coin are commonly used, however the large-size 1 jiao is generally no longer accepted.
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