The renminbi is the official currency of the People’s Republic of China. The official currency symbol: 元 / ¥. The yuan is the basic unit of the renminbi. However, the term yuan is used in international contexts and is commonly used to refer to the currency of China. The People’s Bank of China introduced the renminbi in December 1948, before the People’s Republic of China was formed. It was first exclusively printed in paper money form, and it replaced the different currencies in circulation in Communist-controlled areas.
In 1953, the People’s Republic of China introduced the first coins in denominations of 1, 2, and 5 fen. Then, in 1980, 1, 2, and 5 jiao and 1 yuan coins were added. A new coinage was introduced in 1991, with 1 jiao, 5 jiao, and 1 yuan denominations. Between 1999 and 2002, new designs of 1 jiao, 5 jiao and 1 yuan were introduced; this change was repeated with an update of these denominations in 2019.
The 2 fen coin front design features the National Coat of Arms and the name of the country. The reverse of the coin presents the denomination in the middle of two branches of wheat that are knotted at the bottom, followed by the date of issue. This coin is part of the 1956 – 2000 series, its rim is milled, and its color is silver.
Text: 中華人民共和國 2 貮分, 1998