Fen is a unit of currency used in Greater China, including the People’s Republic of China, the Republic of China (Taiwan), Hong Kong, and Macao. It is a subdivision of the yuan, the official currency of China. One yuan is divided into 10 jiao, and one jiao is further divided into 10 fen. Therefore, there are 100 fen in one yuan.
Key Facts
- One yuan is equal to 10 jiao.
- One jiao is equal to 10 fen.
- Therefore, there are 100 fen in one yuan.
Historical Context of Fen
Fen has been a part of the Chinese currency system since the introduction of the renminbi in 1948. It was initially issued in coin denominations of 1, 2, and 5 fen, as well as banknote denominations of 1, 2, and 5 fen. However, the production of fen coins ceased in 1992, and the 1 and 2 fen banknotes were discontinued in 2005. Currently, only the 5 fen coin and the 5 fen banknote remain in circulation.
Usage of Fen in Modern China
Fen is primarily used for small transactions and is often seen in prices for goods and services. It is also commonly used in public transportation, with bus and subway fares often denominated in fen. Additionally, fen is sometimes used in financial transactions, such as when calculating interest payments or currency exchange rates.
Conclusion
Fen is a small unit of currency in China, worth 1/100th of a yuan. It is primarily used for small transactions and is often seen in prices for goods and services, public transportation fares, and financial transactions.
References
- Wikipedia contributors. (2023, December 11). Fen (currency). In Wikipedia, The Free Encyclopedia. Retrieved from https://en.wikipedia.org/w/index.php?title=Fen_(currency)&oldid=1189402459
- Wikipedia contributors. (2023, December 11). Renminbi. In Wikipedia, The Free Encyclopedia. Retrieved from https://en.wikipedia.org/w/index.php?title=Renminbi&oldid=1189397285
- OANDA. (n.d.). Chinese Yuan Renminbi (CNY). Retrieved from https://www.oanda.com/currency-converter/en/currencies/majors/cny/
FAQs
How many fen are in one yuan?
Answer: There are 100 fen in one yuan.
What is the relationship between fen and jiao?
Answer: One yuan is divided into 10 jiao, and one jiao is further divided into 10 fen.
Are there any fen coins or banknotes still in circulation?
Answer: Yes, the 5 fen coin and the 5 fen banknote are still in circulation in China.
What is the primary use of fen in modern China?
Answer: Fen is primarily used for small transactions, such as purchasing goods and services, paying public transportation fares, and making small financial transactions.
Is fen used in electronic payments or digital transactions?
Answer: Fen is not commonly used in electronic payments or digital transactions.
What is the value of fen in relation to other currencies?
Answer: The value of fen fluctuates depending on the exchange rate between the yuan and other currencies.
Are there any plans to discontinue the use of fen in China?
Answer: There are no current plans to discontinue the use of fen in China.
What are some examples of how fen is used in everyday transactions in China?
Answer: Fen is often used to pay for small items such as snacks, drinks, and public transportation fares. It is also used to make change for larger purchases.