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Yuan dynasty banknotes are the earliest known fiat money. Fiat money is a currency established as money by government regulation or law. The term derives from the Latin fiat (let it become, it will become) used in the sense of an order or decree. It differs from commodity money and representative money.
The yuan (/juËËÉËn/ or /ËjuËÉn/ ; sign : Â¥ ; Chinese: å; pinyin: yuan; [yuÃ¡n]. ) É¥ÉÌn is the base unit of a number of former and-present Day chinese, currencies and usually refers to the primary unit of account of the, renminbi the currency of The'people S republic Of. chinahis became the sole currency of mainland China at the end of the civil war. A new yuan was introduced in 1955 at a rate of 10,000 old yuan = 1 new yuan, known as the renminbi yuan. It is the currency of the People's Republic of China to this day.