107-459: Qingdao Jiaozhou Bay Bridge is a 26.7 km (16.6 mi) long roadway bridge in Qingdao , Shandong Province , China , which is part of the 41.58 km (25.84 mi) Jiaozhou Bay Connection Project. The longest continuous segment of the bridge is 25.9 km (16.1 mi), making it one of the longest bridges in the world . The Jiaozhou Bay Bridge transects Jiaozhou Bay , which reduces
214-419: A digital renminbi was going to be released after years of preparation. This version of the currency, also called DCEP (Digital Currency Electronic Payment), can be “decoupled” from the banking system to give visiting tourists a taste of the nation's burgeoning cashless society . The announcement received a variety of responses: some believe it is more about domestic control and surveillance. Some argue that
321-714: A dragon on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs). For the 2008 Beijing Olympics , a green ¥10 note was issued featuring the Bird's Nest Stadium on the front with the back showing a classical Olympic discus thrower and various other athletes. On 26 November 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology. In commemoration of
428-424: A reserve currency is above 60%, while that of the renminbi is about 2%. In April 2020, The Guardian reported that the digital currency e-RMB had been adopted into multiple cities' monetary systems and "some government employees and public servants [will] receive their salaries in the digital currency from May. The Guardian quoted a China Daily report which stated "A sovereign digital currency provides
535-484: A "New City District" was established to furnish the Japanese colonists with commercial sections and living quarters, which suggested a striking contrast to the shabby houses in the local Chinese zones (Li 2007, p. 133). In the meantime, several schools, hospitals, and public buildings were constructed, followed by urban streets and intercity highways as well. The urban spatial layout continued to expand northward along
642-470: A currency symbol. Renminbi is the name of the currency while yuan is the name of the primary unit of the renminbi. This is analogous to the distinction between " sterling " and " pound " when discussing the official currency of the United Kingdom . Jiao and fen are also units of renminbi. In everyday Mandarin , kuai (Chinese: 块 ; pinyin: kuài ; lit. 'piece')
749-601: A digital currency "doesn't solve the problem that some people holding renminbi offshore will want to sell that renminbi and exchange it for the dollar", as the dollar is considered to be a safer asset. Eswar Prasad , an economics professor at Cornell University , said that the digital renminbi "will hardly put a dent in the dollar's status as the dominant global reserve currency" due to the United States' "economic dominance, deep and liquid capital markets, and still-robust institutional framework". The U.S. dollar's share as
856-703: A formal survey of Jiaozhou Bay in May 1897. In November of that year, the Juye Incident would take place, in which three German missionaries were attacked, and two were killed. Subsequently, German troops seized and occupied the fortification. The preindustrial, waning Qing Empire was forced to concede the area to Germany the following year, and the Kiautschou Bay concession , as it became known, existed from 1898 to 1914 (Li 2005, p. 81). With an area of 552 km (136,000 acres; 213 sq mi), it
963-503: A functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level. It may also facilitate integration into globally traded currency markets with a reduced risk of politically inspired disruption." There were talks of testing out the digital renminbi in the Beijing Winter Olympics in 2022, but China's overall timetable for rolling out
1070-403: A key element for a market-oriented economy. A floating exchange rate regime and convertibility for renminbi were seen as the ultimate goal of the reform. Conditional convertibility under current account was achieved by allowing firms to surrender their foreign exchange earning from current account transactions and purchase foreign exchange as needed. Restrictions on Foreign Direct Investment (FDI)
1177-681: A result of foreign exchange management reforms approved by the 14th Central Committee of the Chinese Communist Party , the renminbi was officially devalued from US$ 1 = ¥5.5 to over ¥8, and the FEC was retired at ¥1 FEC = ¥1 RMB in favour of tourists directly using the renminbi. In November 1993, the Third Plenum of the 14th Central Committee of the Chinese Communist Party approved a comprehensive reform strategy in which foreign exchange management reforms were highlighted as
SECTION 10
#17327730682751284-545: A safe drinking water supply, a rarity in large parts of Asia at that time and later. The area had the highest school density and the highest per capita student enrollment in all of China, with primary, secondary and vocational schools funded by the Imperial German treasury and Protestant and Roman Catholic missions. Commercial interests established the Germania Brewery in 1903, which later became
1391-424: A share of their foreign exchange earnings, referred to as foreign exchange quotas. At the same time, the government introduced measures to allow retention of part of the foreign exchange earnings from non-trade sources, such as overseas remittances, port fees paid by foreign vessels, and tourism. As early as October 1980, exporting firms that retained foreign exchange above their own import needs were allowed to sell
1498-631: A strong growth period, with a new central business district created to the east of the older business district. Outside of the center of the city, there is a large industrial zone, which includes chemical processing, rubber, and heavy manufacturing, in addition to a growing high-tech area. Numerous local and national service companies, rather than manufacturers, are based in the city's southern district. The sub-provincial city of Qingdao has seven districts (区; qū) and three county-level cities (市; shì):Qingdao City, located in Shandong Province, China,
1605-413: Is 6.17 km (3.83 mi) wide. The tunnel travels underground for 5.55 km (3.45 mi). Concerns regarding the bridge's safety were raised when Chinese media reported that the bridge was opened with faulty elements, such as incomplete crash-barriers, missing lighting, and loose nuts on guard-rails, with workers stating that it would take two months before finishing all of the projects related to
1712-592: Is a prefecture -level city in the eastern Shandong Province of China . Located on China's Yellow Sea coast, Qingdao was founded in 1891 to support coastal defence fortifications. In 1897, the city was ceded to Germany. For the Germans Qingdao (Tsingtau) was a strategic trade center, port and base for its East Asia Squadron , allowing the German navy to project dominance in the Pacific. In 1914, following
1819-718: Is a prefecture-level city with several aliases, including "Island City" and "Jiaozhou Bay". Qingdao is a vice-provincial-level city, a separately listed city, and recognized as a major city. According to the approval of the State Council, Qingdao is designated as an important coastal center city and a coastal resort tourism city in China, as well as an international port city. Qingdao City administers 7 districts and 3 county-level cities. These districts include Shinan District, Shibei District, Huangdao District, Laoshan District, Licang District, Chengyang District, and Jimo District, while
1926-658: Is about 1.5 billion dollars. The bridge was designed by the Shandong Gausu Group and the construction lasted for four years. Haiwan Bridge cut the commute between the city of Qingdao and the sprawling suburb of Huangdao by 30 minutes. At least 10,000 workers toiled in two teams around the clock to build the bridge, which was constructed from opposite ends. On the same day, the Jiaozhou Bay Tunnel opened. The tunnel brought much convenience to people by supporting public buses and making transport between
2033-653: Is carried out by a state owned corporation, China Banknote Printing and Minting Corporation ( CBPMC ; 中国印钞造币总公司 ) headquartered in Beijing . CBPMC uses several printing, engraving and minting facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, Shanghai , Chengdu , Xi'an , Shijiazhuang , and Nanchang . Mints are located in Nanjing , Shanghai, and Shenyang . Also, high grade paper for
2140-543: Is generally hot and humid, but very hot days are rare, with an August average of 25.6 °C (78.1 °F). Due to its proximity to the coast and location on a peninsula, compared to most inland areas of China, its spring is delayed by one month, and the annual diurnal temperature variation is only 6.3 °C (11.3 °F); conversely, its fall is milder than inland areas in Shandong. The water temperature peaks at about 25 °C (77 °F) in late August. Thus, swimming
2247-568: Is home to several notable universities , including the Ocean University of China , China University of Petroleum , Shandong University of Science and Technology , Qingdao , Qingdao University of Science and Technology Qingdao University of Technology , and Qingdao Agricultural University. Human settlement in the area dates back 6,000 years. The Dongyi lived here and created the Dawenkou , Longshan and Dongyeshi cultures. In
SECTION 20
#17327730682752354-684: Is now the headquarters of the Chinese navy's northern fleet . An early example of the open-door policy occurred on 5 November 1984, when three United States Naval vessels visited Qingdao. This was the first US port call to China in more than 37 years. USS Rentz , USS Reeves , and USS Oldendorf and their crews were officially hosted by the Chinese People's Liberation Army Navy (PLAN). Northern Qingdao, particularly Shibei , Licang , and Chengyang districts, are now major manufacturing centers. The city has recently experienced
2461-605: Is possible for two months on either side. The annual mean temperature is 13.3 °C (55.9 °F). Extremes since 1951 have ranged from −15.5 °C (4 °F) on 16 January 1958 to 38.9 °C (102 °F) on 15 July 2002; unofficial readings have reached a record low of −16.9 °C (1.6 °F) or for the official weather station there, −16.4 °C (2.5 °F) on 10 January 1931. With monthly percent possible sunshine ranging from 38 percent in July to 59 percent in October,
2568-522: Is printed in simplified written Chinese . The numbers themselves are printed in financial Chinese numeral characters, as well as Arabic numerals . The denomination and the words "People's Bank of China" are also printed in Mongolian , Tibetan , Uyghur and Zhuang on the back of each banknote, in addition to the boldface Hanyu Pinyin "Zhongguo Renmin Yinhang" (without tones). The right front of
2675-404: Is usually used when discussing money and "renminbi" or "yuan" are rarely heard. Similarly, Mandarin speakers typically use mao (Chinese: 毛 ; pinyin: máo ) instead of jiao. For example, ¥8.74 might be read as 八块七毛四 ( pinyin : bā kuài qī máo sì ) in everyday conversation, but read 八元七角四分 ( pinyin : bā yuán qī jiǎo sì fēn ) formally. Renminbi is sometimes referred to as
2782-972: The Anglo-Japanese Alliance . China protested against Japan's violation of her neutrality but was not able to interfere in the military operations. The decision of the Paris Peace Conference and the Versailles Treaty negotiations not to restore Chinese rule over the previous foreign concessions in Qingdao after the Great War triggered the May Fourth Movement (4 May 1919) of anti-imperialism, nationalism and cultural identity in China. The city came under Chinese rule in December 1922, under control of
2889-517: The Blue Sea Ferry operates between Qingdao and Gunsan . Renminbi The renminbi ( Chinese : 人民币 ; pinyin : Rénmínbì ; lit. 'People's Currency'; symbol : ¥ ; ISO code : CNY ; abbreviation : RMB ), also known as the Chinese yuan , is the official currency of the People's Republic of China . The renminbi is issued by the People's Bank of China ,
2996-941: The Chinese Communist Party took control of ever larger territories in the latter part of the Chinese Civil War , its People's Bank of China began to issue a unified currency in 1948 for use in Communist-controlled territories. Also denominated in yuan , this currency was identified by different names, including "People's Bank of China banknotes" ( simplified Chinese : 中国人民银行钞票 ; traditional Chinese : 中國人民銀行鈔票 ; from November 1948), "New Currency" ( simplified Chinese : 新币 ; traditional Chinese : 新幣 ; from December 1948), "People's Bank of China notes" ( simplified Chinese : 中国人民银行券 ; traditional Chinese : 中國人民銀行券 ; from January 1949), "People's Notes" (人民券, as an abbreviation of
3103-694: The Eastern Zhou dynasty (770–256 BC), the town of Jimo was established, which was then the second-largest one in the Shandong region. The area in which Qingdao is located today was named Jiao'ao ( 胶澳 ) when it was administered by the Qing Dynasty on 14 June 1891. In 1891, the Qing Empire decided to make coastal Qingdao (then known as "Jiao'ao") a defense base against naval attacks and began to improve its fortifications. Imperial German naval officials observed and reported on this activity during
3210-513: The Japanese surrender in September 1945. On 2 June 1949, during the Chinese Civil War and shortly before the founding of the communist People's Republic of China on 1 October 1949 the city was taken by Chairman Mao Zedong and his troops. The development of the Qingdao urban space during the German occupation (1898–1914) originated from the port. Mass urban construction began in 1898 with
3317-764: The KMT allowed Qingdao to serve as the headquarters of the Western Pacific Fleet of the US Navy in 1945; however, its headquarters were transferred to the Philippines sometime in late 1948. On 2 June 1949, the CPC -led Red Army entered Qingdao and the city and province have been under PRC control since that time. Since the 1984 inauguration of China's open-door policy to foreign trade and investment, Qingdao has rapidly developed into an ultramodern port city. It
Qingdao Jiaozhou Bay Bridge - Misplaced Pages Continue
3424-539: The Marianas Islands to plan a transit back to Germany rather than be trapped in the Pacific by more powerful and numerous Allied fleets (British and Japanese). After a minor British naval attack on the German concession in Shandong in 1914, Japanese Empire troops occupied the city and the surrounding province during the Siege of Tsingtao (Qingdao) after Japan's declaration of war on Germany in accordance with
3531-631: The Paris Peace Conference , Japan secured agreements with the Allied powers to recognize its claim to the areas in Shandong, which included Qingdao, previously occupied by Germany. In 1922, Shandong reverted to Chinese control following the United States' mediation during the Washington Naval Conference . Today, Qingdao is a major nodal city of the Belt and Road Initiative (BRI) that connects Continental and East Asia with Europe. It has
3638-806: The Republic of China (R.O.C.) established in 1912 after the Chinese Revolution the year before. However, Japan maintained its economic dominance of the railway and the province as a whole. The city became a direct-controlled municipality of the ROC Government in July 1929. Japan re-occupied Qingdao in 1938, a year after it expanded the Second Sino-Japanese War (1937–1945), (a precursor to World War II , 1939–1945) with its plans of territorial expansion into China's coast. Nationalist (Kuomintang) ROC forces returned after
3745-487: The Republic of China , visited the Tsingtao area and stated in 1912, "I am impressed. The city is a true model for China's future". The development of Tsingtao urban space continued during the first Japan-occupation period (1914–1922). In 1914, Tsingtao was taken over by the Japanese and served as a base for the exploitation of natural resources of Shandong and northern China. With the development of industry and commerce,
3852-433: The humid subtropical ( Köppen : Cwa ) and humid continental (Köppen: Dwa ) regimes. Due to the direct regulation of the marine environment, the city is influenced by the southeast monsoon and the currents and water masses from the ocean, so it also has significant maritime climate characteristics. Winters range from cool to cold and windy, but are generally dry, with a January average of 0.2 °C (32.4 °F). Summer
3959-502: The longest bridge over water (aggregate length) . The Guinness title was taken by the Hong Kong-Zhuhai-Macau Bridge in October 2018. The bridge builder Shandong Gaosu Group claimed that Jiaozhou Bay Bridge had the first oversea interchange in the world and that it has the world's largest number of oversea bored concrete piles. The bridge was the idea of a local official in the Chinese Communist Party who
4066-462: The monetary authority of China. It is the world's fifth-most-traded currency as of April 2022. The yuan ( 元 ) is the basic unit of the renminbi. One yuan is divided into 10 jiao ( 角 ), and the jiao is further subdivided into 10 fen ( 分 ). The word yuan is widely used to refer to the Chinese currency generally, especially in international contexts. Until 2005, the value of the renminbi
4173-547: The "redback", a play on "greenback", a slang term for the US dollar . The various currencies called yuan or dollar issued in mainland China as well as Taiwan , Hong Kong , Macau and Singapore were all derived from the Spanish dollar , which China imported in large quantities from Spanish America from the 16th to 20th centuries. The first locally minted silver dollar or yuan accepted all over Qing dynasty China (1644–1912)
4280-401: The 10 million residents of Qingdao, 6.2 million reside in the Qingdao urban area. Another estimated 5 million live in other cities under Qingdao's jurisdiction. The annual birth rate is calculated around 76,507, with a birth rate of 10.15 per year per thousand, and a death rate of 6.32, both calculated on an annual basis. Living standards are among the highest of leading Chinese cities due to
4387-573: The 15th largest city in China by population. Lying across the Shandong Peninsula and looking out to the Yellow Sea , it borders the prefecture-level cities of Yantai to the northeast, Weifang to the west and Rizhao to the southwest. Qingdao is a major seaport and naval base , as well as a commercial and financial center . It is home to electronics multinationals such as Haier and Hisense . The Jiaozhou Bay Bridge , links
Qingdao Jiaozhou Bay Bridge - Misplaced Pages Continue
4494-664: The 70th Anniversary of the issuance of the Renminbi, the People's Bank of China issued 120 million ¥50 banknotes on 28 December 2018. In commemoration of the 2022 Winter Olympics , the People's Bank of China issued ¥20 commemorative banknotes in both paper and polymer in December 2021. In commemoration of the 2024 Chinese New Year, the People's Bank of China issued ¥20 commemorative banknotes in polymer in January 2024. The renminbi yuan has different names when used in ethnic minority regions of China. Renminbi currency production
4601-503: The 84 patents reviewed by the Financial Times indicate that China may plan to algorithmically adjust the supply of a central bank digital currency based on certain triggers, such as loan interest rates . Other patents are focused on building digital currency chip cards or digital currency wallets that banking consumers could potentially use, which would be linked directly to their bank accounts. The patent filings also point to
4708-509: The Berlin treasury as well as Protestant and Roman Catholic missions. In 1910, the Germans drew up for the second time the city planning of Tsingtao (Warner 2001, p. 33). The former urban area was extended four times highlighted by the emphasis on the development of commerce and trade. Sun Yat-sen (1866–1925), leader of the Chinese Revolution of 1911 and subsequently first president of
4815-648: The Cangkou Channel Bridge to the west, the Dagu Channel Bridge to the east, and the Hongdao Channel Bridge to the north. The 600 metres (2,000 ft) long Cangkou Channel Bridge has the largest span of the entire Jiaozhou Bay Bridge, 260 m (850 ft). The Hongdao Channel Bridge has a span of 120 m (390 ft). The non-navigable sections of the bridge have a span of 60 m (200 ft). The length of
4922-805: The Chinese Institute of City Competitiveness. In 2018, Qingdao held the Shanghai Cooperation Organisation summit. In 2020, Qingdao was rated as a Gamma+ level global city by the Globalization and World Cities Research Network . Qingdao is also one of the world's top 50 cities for global scientific research as tracked by the Nature Index . The city was also ranked 20th globally in the "Global Top 100 Science & Technology Cluster Cities" rankings based on "publishing and patent performance" as of 2024. It
5029-566: The Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks , have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies . The Chinese government has announced that it will gradually increase
5136-416: The Chinese village of Qingdao, and the buildings lining it were the former homes of fishermen and farmers. Having sold their property, they resettled their homes and fields in the villages further east." Upon gaining control of the area, the Germans outfitted the impoverished fishing village of Qingdao with wide streets, solid housing areas, government buildings, electrification throughout, a sewer system and
5243-665: The Jiaozhou Bay Bridge is 26.7 km (16.6 mi), of which 25.9 km (16.1 mi) are over water, representing the aggregate length of three legs of the bridge. The Jiaozhou Bay Bridge is part of the Jiaozhou Bay Connection Project, which includes overland expressways and the Qingdao Jiaozhou Bay tunnel . The aggregated length of the project is 41.58 km (25.84 mi), which is by many sources listed as length of
5350-555: The Jiaozhou Bay Bridge. The Jiaozhou Bay Connection Project consists of two non-connected sections: a 35.4 km (22.0 mi)-long expressway that includes the Jiaozhou Bay Bridge and a 6.17 km (3.83 mi)-long expressway that includes the Qingdao Jiaozhou Bay Tunnel. The 35.4 km (22.0 mi) section is further broken into multiple parts: After the bridge opened, Guinness World Records listed it at 41.58 km (25.84 mi), which made it
5457-529: The People's Republic of China. It was issued only in paper form at first, and replaced the various currencies circulating in the areas controlled by the Communists . One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan. As
SECTION 50
#17327730682755564-412: The People's Republic of China: In 1999, a commemorative red ¥50 note was issued in honour of the 50th anniversary of the establishment of the People's Republic of China. This note features Chinese Communist Party chairman Mao Zedong on the front and various animals on the back. An orange polymer note , commemorating the new millennium was issued in 2000 with a face value of ¥100. This features
5671-462: The aluminium ¥0.01 and ¥0.02 coins ceased in 1991, with that of the ¥0.05 halting in 1994. The small coins were still struck for annual uncirculated mint sets in limited quantities, and from the beginning of 2005, the ¥0.01 coin got a new lease on life by being issued again every year since then up to present. New designs of the ¥0.1, ¥0.5 (now brass- plated steel), and ¥1 (nickel-plated steel) were again introduced in between 1999 and 2002. The ¥0.1
5778-496: The banknotes is produced at two facilities in Baoding and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website. In addition, the People's Bank of China has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult. On 13 March 2006, some delegates to an advisory body at
5885-492: The basket was 10.9%. The ISO code for the renminbi is CNY , the PRC's country code (CN) plus "Y" from "yuan". Hong Kong markets that trade renminbi at free-floating rates use the unofficial code CNH . This is to distinguish the rates from those fixed by Chinese central banks on the mainland. The abbreviation RMB is not an ISO code but is sometimes used like one by banks and financial institutions. The currency symbol for
5992-479: The best-known Chinese export beer. It is also home to Haier , a large white goods manufacturer, and Hisense , a major electronics company. In 2002 guitar manufacturers Epiphone opened a factory in Qingdao. In 1984 the Chinese government named a district of Qingdao a Special Economic and Technology Development Zone (SETDZ). Along with this district, the entire city had gone through fast-tracked development of secondary and tertiary industries . Qingdao has been
6099-499: The bridge. Shao Xinpeng, the bridge's chief engineer, claimed that in spite of the safety report, the bridge was safe and ready for traffic, adding that the problems highlighted in the reports were not major. The bridge was reported by the official state-run television company CCTV to cost CN¥ 10 billion ( US$ 1.5 billion , GB£ 900 million). Other sources reported costs as high as CN¥55 billion (US$ 8.8 billion, GB£5.5 billion). Qingdao Qingdao (Qingdao Mandarin: t͡ɕʰiŋ˧˩ tɒ˥)
6206-599: The city planning of the Greater Tsingtao and the City Planning of the Mother Town (Tsingtao City Proper), even though they had not had the opportunity to actualize either, respectively. The period in question did not witness much urban progress except for the logical construction of No. 6 Wharf, some Japanese residences, and a small number of roads and streets (Lu 2001, p. 339). After World War II,
6313-540: The city receives 2,261 hours of bright sunshine annually. During the summer months, the beaches of Qingdao are afflicted by massive algal blooms . The decomposing algae release large amounts of hydrogen sulfide gas, which produces an offensive "rotten egg" odor. Sea lettuce blooms, which are partially caused by seaweed farming in Jiangsu Province, led local officials to declare a "large-scale algae disaster" in 2013. See or edit raw graph data . Of
6420-502: The county-level cities consist of Jiaozhou City, Pingdu City, and Laixi City. Geographically, there are three districts (Shinan, Shibei, Licang) constituting a peninsula on the east coast of the Jiaozhou Bay as the core urban area, one (Chengyang) on the north coast and one (Xihai'an) on the west coast of the Yellow Sea . Qingdao is located on the south-facing coast of the Shandong Peninsula ( German : Schantung-Halbinsel ). It borders three prefecture-level cities, namely Yantai to
6527-543: The digital currency was unclear. In May 2023, RMB interest rate swaps was launched. In June 2023, under the Government Green Bond Programme, the Government of the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR) announced a green bonds offering, of approximately US$ 6 billion denominated in USD , EUR and RMB. As of 2019, renminbi banknotes are available in denominations of ¥0.1, ¥0.5 (1 and 5 jiao), ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. These denominations have been available since 1955, except for
SECTION 60
#17327730682756634-408: The east bay area. The development of Tsingtao urban space during the ROC-ruled period (1922–1938). This period saw the substantial progress of the urban development of Tsingtao. The government engaged itself in mass construction that gave birth to villa districts at the beach and bank groups in CBD. Plenty of public buildings and facilities for entertainment and sports were completed. By the year 1937,
6741-467: The excess through the state agency responsible for the management of China's exchange controls and its foreign exchange reserves, the State Administration of Exchange Control. Beginning in the mid-1980s, the government sanctioned foreign exchange markets, known as swap centres, eventually in most large cities. The government also gradually allowed market forces to take the dominant role by introducing an "internal settlement rate" of ¥2.8 to 1 US dollar which
6848-422: The flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi , it became the world's 8th most traded currency in 2013, 5th by 2015, but 6th in 2019. On 1 October 2016, the renminbi became the first emerging market currency to be included in the IMF 's special drawing rights basket, the basket of currencies used by the IMF as a reserve currency. Its initial weighting in
6955-413: The government to provide imported machinery and equipment to priority industries at a relatively lower domestic currency cost than otherwise would have been possible. China's transition by the mid-1990s to a system in which the value of its currency was determined by supply and demand in a foreign exchange market was a gradual process spanning 15 years that involved changes in the official exchange rate,
7062-413: The highest GDP of any city in the province. Administered at the sub-provincial level , Qingdao has jurisdiction over seven districts and three county-level cities ( Jiaozhou , Pingdu , Laixi ). As of the 2020 census, Qingdao built-up (or metro) area made of the seven urban districts ( Shinan , Shibei , Huangdao , Laoshan , Licang , Chengyang and Jimo ) was home to 7,172,451 inhabitants, making it
7169-677: The highest levels in the region. There are a total of 1,145 km (711 mi) of roads in the Qingdao area, with nearly 500 km (310 mi) of expressways. These National Trunk Highway System (NTHS) Expressways begin or pass through in Qingdao. Expressways that begin in Qingdao are in Bold : Spur Route: G2011 Qingxin Expressway (Qingdao- Xinhe , Pingdu , Shandong) These provincial expressways begin in or pass through Qingdao. Expressways that begin in Qingdao are in Bold : Other than Expressways, there are also National Highways that pass through or begin in Qingdao. National Highways that begin in Qingdao are in bold : On 30 June 2011,
7276-463: The integration of a digital currency system, choosing to embrace the blockchain technology. The patents reveal the extent of China's digital currency plans. The patents, seen and verified by the Financial Times , include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts. Several of
7383-435: The last name), and finally "People's Currency", or " renminbi ", from June 1949. From 1949 until the late 1970s, the state fixed China's exchange rate at a highly overvalued level as part of the country's import-substitution strategy. During this time frame, the focus of the state's central planning was to accelerate industrial development and reduce China's dependence on imported manufactured goods. The overvaluation allowed
7490-406: The last ¥0.5 and ¥1 issued in 1985. All jiǎo coins depicted similar designs to the fēn coins while the yuán depicted the Great Wall of China . In 1991, a new coinage was introduced, consisting of an aluminium ¥0.1, brass ¥0.5 and nickel - clad steel ¥1. These were smaller than the previous jiǎo and yuán coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of
7597-483: The late 1980s and early 1990s, China worked to make the renminbi more convertible. Through the use of swap centres, the exchange rate was eventually brought to more realistic levels of above ¥8/US$ 1 in 1994 and the FEC was discontinued. It stayed above ¥8/$ 1 until 2005 when the renminbi's peg to the dollar was loosened and it was allowed to appreciate. As of 2013, the renminbi is convertible on current accounts but not capital accounts . The ultimate goal has been to make
7704-549: The longest bridge over water opened in Qingdao. The bridge, Haiwan Bridge , is 26.4 miles (42.5 km) long and connects Qingdao to Huangdao and Hongdao. The bridge is almost three miles (4.8 km) longer than the previous record-holder , the Lake Pontchartrain Causeway in the American state of Louisiana . Haiwan Bridge is supported by more than 5,000 pillars and costs about 10 billion yuan which
7811-456: The main span. The construction used 450,000 tons of steel and 2.3 million cubic metres (81 × 10 ^ cu ft) of concrete. The bridge is designed to be able to withstand severe earthquakes, typhoons, and collisions from ships. It is supported by 5,238 concrete piles. The cross section consists of two beams in total 35 m (115 ft) wide carrying six lanes with two shoulders. The Jiaozhou Bay Bridge has three navigable sections:
7918-621: The main urban area of Qingdao with Huangdao district, straddling the Jiaozhou Bay sea areas. Its historic German-style architecture and Tsingtao Brewery , the second largest brewery in China, are legacies of the German occupation (1898–1914) . Qingdao is classified as a Large-Port Metropolis. In the 2020 Global Financial Centers Index , Qingdao ranked 47th; the index is published by the Z/Yen Group and China Development Institute ,
8025-441: The nearest yuan (such as ¥9 or ¥10). In 1953, aluminium ¥0.01, ¥0.02, and ¥0.05 coins began being struck for circulation, and were first introduced in 1955. These depict the national emblem on the obverse (front) and the name and denomination framed by wheat stalks on the reverse (back). In 1980, brass ¥0.1, ¥0.2, and ¥0.5 and cupro-nickel ¥1 coins were added, although the ¥0.1 and ¥0.2 were only produced until 1981, with
8132-448: The northeast, Weifang to the west, and Rizhao to the southwest. The city occupies an area totaling 10,654 km (4,114 sq mi), and stretches in latitude from 35° 35' to 37° 09' N and in longitude from 119° 30' to 121° 00' E. The populated sections of the city are relatively flat while mountains spur up within city limits and nearby. The highest elevation in the city is located 1,133 meters (3,717 ft) above sea level . Of
8239-464: The note has a tactile representation of the denomination in Chinese Braille starting from the fourth series. See corresponding section for detailed information. The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid fractional values (such as ¥9.99), opting instead to round to
8346-500: The other Chinese cities on the list being Shanghai , Hong Kong , Beijing , Shenzhen , Guangzhou , Chengdu , Nanjing , Xi'an , Tianjin , Hangzhou , Dalian , and Wuhan . In 2007, Qingdao was named as one of China's top ten cities by the Chinese Cities Brand Value Report, which was released at the 2007 Beijing Summit of China Cities Forum. In 2009, Qingdao was named China's most livable city by
8453-557: The outbreak of World War I , Japan occupied the city and the surrounding province during the Siege of Tsingtao . In 1915, China agreed to recognize Japan's special position in the territory through what became known as the Twenty-One Demands . In 1918, the Chinese government, under the control of the warlord Duan Qirui , secretly agreed to Japanese terms in exchange for a loan. Following the First World War, during
8560-469: The port had become the world's sixth-busiest by Total Cargo Volume, having handled 372,000,000 metric tons (366,000,000 long tons; 410,000,000 short tons) of cargo in that year. As of 2016, it was the 8th in the world in terms of TEUs (Twenty Foot Equivalent Units). The Orient Ferry connects Qingdao with Shimonoseki , Japan. There are two ferry lines connecting Qingdao with South Korea . The New Golden Bridge II operates between Qingdao and Incheon , and
8667-658: The proposed ‘ tokenomics ’ being considered by the DCEP working group. Some patents show plans towards programmed inflation control mechanisms. While the majority of the patents are attributed to the PBOC's Digital Currency Research Institute, some are attributed to state-owned corporations or subsidiaries of the Chinese central government. Uncovered by the Chamber of Digital Commerce (an American non-profit advocacy group), their contents shed light on Beijing's mounting efforts to digitise
8774-564: The real barriers to internationalisation of the renminbi are China's capital controls, which it has no plans to remove. Maximilian Kärnfelt, an expert at the Mercator Institute for China Studies , said that a digital renminbi "would not banish many of the problems holding the renminbi back from more use globally". He went on to say, "Much of China's financial market is still not open to foreigners and property rights remain fragile." The PBOC has filed more than 80 patents surrounding
8881-487: The recipient of large foreign investment and its port is a hub for local and international trade. South Korea and Japan in particular made extensive investments in the city. In terms of primary sector industries , Qingdao has an estimated 50,000 acres (200 km ) of arable land . Qingdao has a zigzagging pattern coastline, and thus possesses an invaluable stock of fish, shrimp , and other sea resources. Qingdao's wind power electricity generation performs at among
8988-487: The relocation of Chinese dwellers along the coast. With the completion of such series of mass construction projects such as wharves, the Tsingtao-Jinan Railway Line, Tsingtao Railway Station and locomotive works, a city was starting to take shape. The area had the highest school density and highest per capita student enrollment in all of China, with primary, secondary and vocational schools funded by
9095-544: The renminbi , on 30 November 2015, the IMF voted to designate the renminbi as one of several main world currencies, thus including it in the basket of special drawing rights . The renminbi became the first emerging market currency to be included in the IMF's SDR basket on 1 October 2016. The other main world currencies are the dollar , the euro , sterling , and the yen . In October 2019, China's central bank, PBOC , announced that
9202-454: The renminbi fully convertible. However, partly in response to the Asian financial crisis in 1998, China has been concerned that the Chinese financial system would not be able to handle the potential rapid cross-border movements of hot money , and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government. Following the internationalization of
9309-562: The renminbi, which has sparked alarm in the West and spurred central bankers around the world to begin exploring similar projects. Some commentators have said that the U.S., which has no current plans to issue a government-backed digital currency, risks falling behind China and risking its dominance in the global financial system. Victor Shih , a China expert and professor at the University of California San Diego , said that merely introducing
9416-490: The road distance between Licang District and Huangdao District in Qingdao by 30 km (19 mi), compared with the expressway along the coast of the bay, reducing travel time by 20 to 30 minutes. The design of the bridge is T-shaped with the main entry and exit points in Huangdao District and Licang District , Qingdao. A branch to Hongdao Subdistrict is connected by a semi-directional T interchange to
9523-428: The strong export economy and relatively high family wages. There is a large Korean community in Qingdao. By 2009, there were approximately 100,000 Koreans working, studying and living in Qingdao, which makes Qingdao the second in terms of Korean population in China, following Beijing which has about 200,000 Koreans. According to the 2021 Qingdao Statistical Yearbook, the permanent resident population of Qingdao in 2020
9630-410: The total area of Qingdao, 15.5% is highland, while the foothill, plain, and lowland areas constitute 25.1%, 37.8%, and 21.7%, respectively. The city has a 730.64-kilometer (454.00 mi)-long coastline. Five significant rivers exceeding 50 kilometers (31 mi) in length can be found in the region. Qingdao has a temperate, four-season, monsoon -influenced climate that lies in the transition between
9737-506: The two areas more convenient. Qingdao (official name: Qingdao port international co. ltd.) hosts one of the world's busiest seaports . Cooperative relations have been established with 450 ports in 130 countries worldwide. The port of Qingdao is part of the 21st Century Maritime Silk Road . In 2003, the annual cargo handling capacity exceeded 100 million tons for the first time. The number of containers reached 3.41 million twenty-foot equivalent units (TEU) of cargoes. By 2011,
9844-418: The urban population numbered 385,000(Lu 2001, p. 327). Tsingtao consequently distinguished itself as a prominent holiday resort and summer retreat. The development of Tsingtao urban space during the second Japan-occupied period (1938–1945). Japanese armed forces returned to Tsingtao in 1938 and started to strive for the construction of the Greater Tsingtao in the following June. Accordingly, they worked out
9951-482: The use of a dual exchange rate system, and the introduction and gradual expansion of markets for foreign exchange. The most important move to a market-oriented exchange rate was an easing of controls on trade and other current account transactions, as occurred in several very early steps. In 1979, the State Council approved a system allowing exporters and their provincial and local government owners to retain
10058-520: The warships to conduct operations throughout the western Pacific . Beginning in January 1898, the marines of III. Seebataillon were based at Qingdao. Construction of the Jiaoji Railway began on 23 September 1899, and was completed in 1904. Before the outbreak of World War I (1914–1918), ships of the German naval forces under Admiral Count von Spee were located at central Pacific colonies on routine missions. The fleet then rendezvoused in
10165-693: The world-famous Tsingtao Brewery . German cultural and commercial influences extended to other areas of Shandong Province, including the establishment of diverse commercial enterprises. Identified by the German authorities as a strategically important port, Qingdao was administered by the Imperial Department of the Navy ( Reichsmarineamt ) rather than the Imperial Colonial Office ( Reichskolonialamt ). The growing Imperial German Navy based their East Asia Squadron there, allowing
10272-405: The yuan unit is ¥ , but when distinction from the Japanese yen is required RMB (e.g. RMB 10,000) or ¥ RMB (e.g. ¥10,000 RMB) is used. However, in written Chinese contexts, the Chinese character for yuan (Chinese: 元 ; lit. 'constituent', 'part') or, in formal contexts Chinese: 圆 ; lit. 'round', usually follows the number in lieu of
10379-437: The ¥20 notes (added in 1999 with the fifth series) ¥50 and ¥100 notes (added in 1987 with the fourth series). Coins are available in denominations from ¥0.01 to ¥1 (¥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions, larger yuan coin denominations such as ¥5 have been issued to commemorate events but use of these outside of collecting has never been widespread. The denomination of each banknote
10486-494: Was pegged to the US dollar . As China pursued its transition from central planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity . However, more recently, appreciation actions by
10593-677: Was 10.1057 million, an increase of 182700 people compared to the previous year. In recent years, an important region in Eastern China, Shandong Province has seen substantial change in its economic landscape. Much of this development has been concentrated in Qingdao. Qingdao has seen rapid development. With an annual growth rate of 18.9 percent in 2006, the city's GDP reached 42.3 billion, ranking first in Shandong Province and tenth out of China's top 20 cities. GDP per capita comprised CN¥ 52,895 (US$ 7,616) in 2008. The GDP has grown steadily at an average pace of 16% annually. In 2006, Qingdao
10700-492: Was a devaluation of almost 100%. In the process of opening up China to external trade and tourism, transactions with foreign visitors between 1980 and 1994 were done primarily using Foreign exchange certificates ( 外汇券 , waihuiquan ) issued by the Bank of China . Foreign currencies were exchangeable for FECs and vice versa at the renminbi's prevailing official rate which ranged from US$ 1 = ¥2.8 FEC to ¥5.5 FEC. The FEC
10807-421: Was also loosened and capital inflows to China surged. During the era of the command economy , the value of the renminbi was set to unrealistic values in exchange with Western currency and severe currency exchange rules were put in place, hence the dual-track currency system from 1980 to 1994 with the renminbi usable only domestically, and with Foreign Exchange Certificates (FECs) used by foreign visitors. In
10914-604: Was issued as banknotes from ¥0.1 to ¥100, and was officially at par with the renminbi. Tourists used FECs to pay for accommodation as well as tourist and luxury goods sold in Friendship Stores . However, given the non-availability of foreign exchange and Friendship Store goods to the general public, as well as the inability of tourists to use FECs at local businesses, an illegal black market developed for FECs where touts approached tourists outside hotels and offered over ¥1.50 RMB in exchange for ¥1 FEC. In 1994, as
11021-536: Was located in the imperial province of Shandong ( alternately romanized as Shantung or Shan-tung ) on the southern coast of the Shandong Peninsula in northern China. Jiaozhou was alternatively romanized as Kiaochow, Kiauchau, or Kiao-Chau in English, and Kiautschou in German; Qingdao was its administrative center. "The so-called Marktstrasse (Market Street) was nothing more than the old main street of
11128-466: Was ranked one of six "golden cities" by the World Bank, out of 120 Chinese cities assessed on factors including investment climate and government effectiveness. In 2018, Qingdao's GDP reached CN¥1200.15 billion, though it shrank a little in 2019. Internationally, Qingdao is perhaps best known for its Tsingtao Brewery , founded by a German-British joint venture in 1903 that produces Tsingtao beer ,
11235-740: Was significantly reduced in size, and in 2005 its composition was changed from aluminium to more durable nickel-plated steel. An updated version of these coins was announced in 2019. While the overall design is unchanged, all coins including the ¥0.5 are now of nickel-plated steel, and the ¥1 coin was reduced in size. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas (with 5-jiǎo and 1-yuán coins used in vending machines), and small notes being more popular in rural areas. Older fēn and large jiǎo coins are uncommonly still seen in circulation, but are still valid in exchange. As of 2023, there have been five series of renminbi banknotes issued by
11342-474: Was subsequently dismissed for corruption. It was designed by the Shandong Gaosu Group . It took four years to build, and employed at least 10,000 people. It opened on 30 June 2011 for traffic. The Qingdao Jiaozhou Bay tunnel opened on the same day as the bridge. It transects Jiaozhou Bay , also connecting Huangdao District and the city of Qingdao , between the narrow mouth of the bay, which
11449-415: Was the silver dragon dollar introduced in 1889. Various banknotes denominated in dollars or yuan were also introduced, which were convertible to silver dollars until 1935 when the silver standard was discontinued and the Chinese yuan was made fabi ( 法币 ; legal tender fiat currency ). The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of
#274725