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70 year anniversary of People Bank of China and Reniminbi (and 40 years of China’e economic reforms)

Summary:
People Bank of China was established in 1948 and along with it came Renminbi or People’s currency. In 1978, China started its famous reforms. The central bank had an exhibition to celebrate these events. On November 30, 2018, the exhibition entitled “China Name Card: Exhibition Commemorating the 70th Anniversary of RMB Issuance” was launched at the National Museum of China. Fan Yifei, member of the CPC PBC Committee and Deputy Governor, announced the opening of the exhibition. Wang Chunfa, Director of the National Museum of China, attended the opening ceremony. Issuing currency, one of the PBC’s major responsibilities, is a fundamental, basic financial service provided to the public by the central bank. On December 1, 1948, the PBC was founded and issued the first series of the RMB.

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People Bank of China was established in 1948 and along with it came Renminbi or People’s currency. In 1978, China started its famous reforms.

The central bank had an exhibition to celebrate these events.

On November 30, 2018, the exhibition entitled “China Name Card: Exhibition Commemorating the 70th Anniversary of RMB Issuance” was launched at the National Museum of China. Fan Yifei, member of the CPC PBC Committee and Deputy Governor, announced the opening of the exhibition. Wang Chunfa, Director of the National Museum of China, attended the opening ceremony.

Issuing currency, one of the PBC’s major responsibilities, is a fundamental, basic financial service provided to the public by the central bank. On December 1, 1948, the PBC was founded and issued the first series of the RMB. Over the past 70 years, under the correct leadership of the CPC, the PBC has issued successively  five RMB series. This exhibition is the first time the accomplishments related to the printing and issuance of all of the five RMB series are displayed on the same occasion.

A comprehensive introduction is given to the economic, social and cultural elements underneath the RMB of different historical periods, which is also a vivid demonstration of the RMB in terms of  development and inheritance, exquisite technique and unique charm.

Moreover, holding this exhibition at a time China celebrates the 40th anniversary of reform and opening-up can help people better understand the RMB’s history and currency culture, feel more keenly the glories in the development of New China’s financial cause, and further solidify their confidence and resolution to create a beautiful future by following the guide of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

The exhibition “China Name Card: Exhibition Commemorating the 70th Anniversary of RMB Issuance” runs until December 16 in Beijing.

The central bank also released new banknotes and coins to commemorate the event.

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Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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