Traditional Culture Encyclopedia - Traditional customs - What is the RMB system in China?
What is the RMB system in China?
Legal analysis: China's RMB system belongs to the non-cash paper currency standard system.
Legal basis: Regulations of People's Republic of China (PRC) Municipality on the Administration of Renminbi.
Article 2 The term RMB as mentioned in these Regulations refers to the currency issued by the People's Bank of China according to law, including banknotes and coins. The design, printing, distribution, circulation and recovery of RMB shall abide by these regulations.
Article 3 The legal tender of People's Republic of China (PRC) is RMB. No unit or individual may refuse to pay all public or private debts in People's Republic of China (PRC) in RMB.
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