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122-690: Jing Wu was founded as the Jing Wu Athletic Association in Shanghai , China in the early 20th century. Many sources, including the official websites of its branches in various countries, claim that Jing Wu was founded by the martial artist Huo Yuanjia , who died not long after its establishment. Jing Wu was actually founded by a committee of persons, including members of the Tongmenghui , such as Chen Qimei , Nong Zhu , and Chen Tiesheng . Due to Huo's popularity and recent death,

244-419: 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

366-714: 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

488-424: 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

610-748: A center for radical leftism during the 1950s and 1960s. The radical leftist Jiang Qing and her three allies, together the Gang of Four , were based in the city. During the Cultural Revolution (1966–1976), Shanghai's society was severely damaged. The majority of the workers in the Shanghai branch of the People's Bank of China were Red Guards and they formed a group called the Anti-Economy Liaison Headquarters within

732-438: A comparatively heavy contributor of tax revenue to the central government; in 1983, the city's contribution in tax revenue was greater than the investment received in the past 33 years combined. Its importance to the fiscal well-being of the central government also denied it from economic liberalizations begun in 1978. In 1990, Deng Xiaoping permitted Shanghai to initiate economic reforms, which reintroduced foreign capital to

854-898: A cramped ghetto in the Hongkou District and after the Japanese attack on Pearl Harbor , even the Iraqi Jews who had been living in Shanghai from before the outbreak of WWII were interned. Among the refugees in the Shanghai Ghetto was the Mirrer Yeshiva , including its students and faculty. On 3 September 1945, the Chinese Army liberated the Ghetto and most of the Jews left over the next few years. On 27 May 1949,

976-601: 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

1098-575: A fish tool called the hù , which lent its name to the outlet of Suzhou Creek north of the Old City and became a common nickname and abbreviation for the city. During the Tang and Song dynasties, Qinglong Town ( 青龙镇 ) in modern Qingpu District was a major trading port. Established in 746 (the fifth year of the Tang Tianbao era ), it developed into what was historically called a "giant town of

1220-503: 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

1342-403: 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)

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1464-468: A powerful faction in the central government known as the Shanghai Clique , which has often been viewed as competing against the rival Youth League Faction over personnel appointments and policy decisions. However, Xi Jinping, successor to Hu Jintao as General Secretary and President , was largely an independent leader and took anti-corruption campaigns on both factions. Shanghai is one of

1586-681: 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

1708-424: 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

1830-659: A well-rounded martial background in addition to whatever they wished to specialize in. Jing Wu inspired the ecumenism seen in the Chinese martial arts community during the Republican era , giving rise to such efforts as the National Martial Arts Institutes . Sun Yat-sen , founder of the Republic of China, attended the third annual event held by Jing Wu in 1915, giving a speech of encouragement to

1952-501: Is a cultural blend of elements found in Western architecture with traditional Jiangnan Chinese architecture and social behavior. Like almost all traditional Chinese dwellings, it has a courtyard , which reduces outside noise. Vegetation can be grown in the courtyard, and it can also allow for sunlight and ventilation in the rooms. Some of Shanghai's buildings feature Soviet neoclassical architecture or Stalinist architecture , though

2074-653: 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

2196-829: Is known for its rich water resources as part of the Lake Tai drainage basin . Downtown Shanghai is bisected by the Huangpu River, a man-made tributary of the Yangtze created by order of Lord Chunshen during the Warring States period. The historic center of the city was located on the west bank of the Huangpu ( Puxi ), near the mouth of Suzhou Creek, connecting it with Lake Tai and the Grand Canal . The central financial district, Lujiazui, has been established on

2318-999: Is located nearby at the northern tip of Lujiazui. Skyscrapers outside of Lujiazui include the White Magnolia Plaza in Hongkou, the Shimao International Plaza in Huangpu, and the Shanghai Wheelock Square in Jing'an . Like all governing institutions in mainland China , Shanghai has a parallel party-government system, in which the CCP Committee Secretary , officially termed the Chinese Communist Party Shanghai Municipal Committee Secretary, outranks

2440-586: Is located on an alluvial plain . As such, the vast majority of its 6,340.5 km (2,448.1 sq mi) land area is flat, with an average elevation of 4 m (13 ft). Tidal flat ecosystems exist around the estuary, however, they have long been reclaimed for agricultural purposes. The city's few hills, such as She Shan , lie to the southwest, and its highest point is the peak of Dajinshan Island (103 m or 338 ft) in Hangzhou Bay. Shanghai has many rivers, canals, streams, and lakes, and it

2562-407: Is one of the world's major centers for finance, business and economics , research, science and technology, manufacturing, transportation, tourism , and culture . The Port of Shanghai is the world's busiest container port . Originally a fishing village and market town, Shanghai grew in importance in the 19th century due to both domestic and foreign trade and its favorable port location. The city

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2684-522: 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

2806-575: Is sometimes referred to as 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)

2928-611: Is the largest metro network in the world by route length. Shanghai has been described as the "showpiece" of the economy of China . Featuring several architectural styles such as Art Deco and shikumen , the city is renowned for its Lujiazui skyline, museums and historic buildings including the City God Temple , Yu Garden , the China Pavilion and buildings along the Bund . The Oriental Pearl Tower can be seen from

3050-451: Is the shikumen ( 石库门 , "stone storage door") residence, typically two- or three-story gray brick houses with the front yard protected by a heavy wooden door in a stylistic stone arch. Each residence is connected and arranged in straight alleys, known as longtang ( 弄堂 ). The house is similar to western-style terrace houses or townhouses , but distinguished by the tall, heavy brick wall and archway in front of each house. The shikumen

3172-461: Is the modern-day Shanghai Exhibition Center . Shanghai—Lujiazui in particular—has numerous skyscrapers , making it the fifth city in the world with the most skyscrapers . Among the most prominent examples are the 421 m (1,381 ft) high Jin Mao Tower , the 492 m (1,614 ft) high Shanghai World Financial Center , and the 632 m (2,073 ft) high Shanghai Tower , which

3294-512: Is the tallest building in China and the third tallest in the world . Completed in 2015, the tower takes the form of nine twisted sections stacked atop each other, totaling 128 floors. It is featured in its double-skin facade design, which eliminates the need for either layer to be opaqued for reflectivity as the double-layer structure has already reduced the heat absorption. The futuristic-looking Oriental Pearl Tower, at 468 m (1,535 ft),

3416-475: 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 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,

3538-511: Is widely known among the youth. The name was first mentioned in Japanese novelist Shōfu Muramatsu 's 1924 novel Mato , which portrayed Shanghai as a dichotomous city where both light and darkness existed. The city has various nicknames in English, including the " New York of China", in reference to its status as a cosmopolitan megalopolis and financial hub , the "Pearl of the Orient", and

3660-466: Is widely used to refer to the Chinese currency generally, especially in international contexts. Until 2005, the value of the renminbi 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

3782-588: The Broadway Mansions ; and Austrian architect C.H. Gonda , who designed the Capitol Theatre . The Bund has been revitalized several times. The first was in 1986, with a new promenade by the Dutch architect Paulus Snoeren. The second was before the 2010 Expo , which includes restoration of the century-old Waibaidu Bridge and reconfiguration of traffic flow. One distinctive cultural element

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3904-941: 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

4026-476: 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 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

4148-409: 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 , 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

4270-546: The Huangpu River flowing through it. The population of the city proper is the third largest in the world , with around 24.87 million inhabitants in 2023, while the urban area is the most populous in China , with 29.87 million residents. As of 2022, the Greater Shanghai metropolitan area was estimated to produce a gross metropolitan product ( nominal ) of nearly 13 trillion RMB ($ 1.9 trillion). Shanghai

4392-703: The Kingdom of Yue , which in turn was conquered by the Kingdom of Chu. During the Warring States period (475 BC), Shanghai was part of the fief of Lord Chunshen of Chu, one of the Four Lords of the Warring States . He ordered the excavation of the Huangpu River . Its former or poetic name, the Chunshen River, gave Shanghai its nickname of "Shēn." Fishermen living in the Shanghai area then created

4514-617: The Kuomintang (KMT) and the Chinese Communist Party (CCP), with the latter eventually taking over the city and most of the mainland. From the 1950s to the 1970s, trade was mostly limited to other socialist countries in the Eastern Bloc , causing the city's global influence to decline during the Cold War . Major changes of fortune for the city would occur when economic reforms initiated by paramount leader Deng Xiaoping during

4636-580: The May Thirtieth Movement broke out when a worker in a Japanese-owned cotton mill was shot and killed by a Japanese foreman. Workers in the city then launched general strikes against imperialism , which became nationwide protests that gave rise to Chinese nationalism . The golden age of Shanghai began with its elevation to municipality after it was separated from Jiangsu on 7 July 1927. This new Chinese municipality covered an area of 494.69 km (191.0 sq mi), including

4758-730: The Mayor . The CCP committee acts as the top policy-formulation body, and is typically composed of 12 members (including the secretary), and has control over the Shanghai Municipal People's Government . Political power in Shanghai has frequently been a stepping stone to higher positions in the central government. Since Jiang Zemin became the General Secretary of the Chinese Communist Party in June 1989, all former Shanghai party secretaries but one were elevated to

4880-545: The Ming dynasty . A city wall was built for the first time in 1554 to protect the town from raids by Japanese pirates . It measured 10 m (33 ft) high and 5 km (3 mi) in circumference. A City God Temple was built in 1602 during the Wanli reign. This honor was usually reserved for prefectural capitals and not normally given to a mere county seat such as Shanghai. Scholars have theorized that this likely reflected

5002-518: The People's Liberation Army took control of Shanghai through the Shanghai Campaign . Under the new People's Republic of China (PRC), Shanghai was one of only three municipalities not merged into neighboring provinces (the others being Beijing and Tianjin ). Most foreign firms moved their offices from Shanghai to Hong Kong , as part of a foreign divestment due to the PRC's victory. After

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5124-534: The Politburo Standing Committee , the de facto highest decision-making body in China, including Jiang himself (Party General Secretary), Zhu Rongji (Premier), Wu Bangguo (NPC Chairman), Huang Ju (Vice Premier), Xi Jinping (current General Secretary), Yu Zhengsheng (CPPCC Chairman), Han Zheng (Vice Premier and Vice President), and Li Qiang (Premier). Zeng Qinghong , a former deputy party secretary of Shanghai, also rose to

5246-803: The Shanghai Museum , the Shanghai Grand Theatre , the Oriental Art Center , and the Oriental Pearl Tower . Despite rampant redevelopment, the Old City still retains some traditional architecture and designs, such as the Yu Garden , an elaborate Jiangnan style garden. As a result of its construction boom during the 1920s and 1930s, Shanghai has among the most Art Deco buildings in the world. One of

5368-821: The Small Swords Society in 1853, but control of the city was regained by the Qing government in February 1855. In 1854, the Shanghai Municipal Council was created to manage the foreign settlements. Between 1860 and 1862, the Taiping rebels twice attacked Shanghai and destroyed the city's eastern and southern suburbs, but failed to take the city. In 1863, the British settlement to the south of Suzhou Creek (northern Huangpu District ) and

5490-446: The Tang dynasty , the area of modern-day Shanghai was under sea level, so the land appeared to be literally "on the sea." Shanghai is officially abbreviated 沪 ( Hù / wu ) in Chinese , a contraction of 沪渎 ( Hù Dú / wu-doq , " Harpoon Ditch"), a 4th- or 5th-century Jin name for the mouth of Suzhou Creek when it was the main conduit into the ocean. This character appears on all motor vehicle license plates issued in

5612-446: The Third Front campaign to develop basic industry and heavy industry in China's hinterlands in case of invasion by the Soviet Union or the United States, 354,900 Shanghainese were sent to work on Third Front projects. The centrepiece of Shanghai's Small Third Front project was the "rear base" in Anhui rear base which served as "a multi-function manufacturing base for anti-aircraft and anti-tank weaponry. Since 1949, Shanghai has been

5734-406: The handover of the Millennium on 20 December 1999. The Shanghai International Settlement and the French Concession were subsequently established. The city then flourished, becoming a primary commercial and financial hub of Asia in the 1930s. During the Second Sino-Japanese War , the city was the site of the major Battle of Shanghai . After the war, the Chinese Civil War soon resumed between

5856-402: The "Paris of the East." This is similar to Ho Chi Minh City (also known as Saigon), in Vietnam, which has also been nicknamed as "Paris of the Orient," due to Vietnam's historical French status. The western part of modern-day Shanghai was inhabited 6,000 years ago. During the Spring and Autumn period (approximately 771 to 476 BC), it belonged to the Kingdom of Wu , which was conquered by

5978-457: The 11th-century Song dynasty , when there was already a river confluence and a town with this name in the area. Others contend that the city is referenced in historical records dating back 2150 years, and that its ancient name, "Hu", suggests it was previously a fishing village. In 1280 it was renamed "Shanghai", which translates to "Above the Sea". How the name should be understood has been disputed, but Chinese historians have concluded that during

6100-433: The 1920s and 1930s, almost 20,000 White Russians fled the newly established Soviet Union to reside in Shanghai. These Shanghai Russians constituted the second-largest foreign community. By 1932, Shanghai had become the world's fifth-largest city and home to 70,000 foreigners. In the 1930s, some 30,000 Jewish refugees from Europe arrived in the city. On 28 January 1932 , Japanese military forces invaded Shanghai while

6222-414: The 1980s resulted in an intense redevelopment and revitalization of the city by the 1990s, especially the Pudong New Area, aiding the return of finance and foreign investment. The city has since re-emerged as a hub for international trade and finance. It is the home of the Shanghai Stock Exchange , the largest stock exchanges in the Asia-Pacific by market capitalization and the Shanghai Free-Trade Zone ,

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6344-553: 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

6466-439: 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

6588-417: The American settlement to the north (southern Hongkou District ) joined in order to form the Shanghai International Settlement . The French opted out of the Shanghai Municipal Council and maintained its own concession at the city's south and southwest. The First Sino-Japanese War concluded with the 1895 Treaty of Shimonoseki , which elevated Japan to become another foreign power in Shanghai. Japan built

6710-441: The Bogue , the Treaty of Wanghia , and the Treaty of Whampoa (signed in 1843, 1844, and 1844, respectively) forced Chinese concession to European and American desires for visitation and trade on Chinese soil. Britain, France, and the United States all established a presence outside the walled city of Shanghai, which remained under the direct administration of the Chinese. The Chinese-held Old City of Shanghai fell to rebels from

6832-417: The Bund. Shanghai is also known for its cuisine , local language , and cosmopolitan culture, ranks sixth in the list of cities with the most skyscrapers , and it is one of the biggest economic hubs in the world. The two Chinese characters in the city's name are 上 ( shàng / zaon , "upon") and 海 ( hǎi / hé , "sea"), together meaning "On the Sea." The earliest occurrence of this name dates from

6954-401: The Chinese resisted. More than 10,000 shops and hundreds of factories and public buildings were destroyed, leaving Zhabei district ruined. About 18,000 civilians were either killed, injured, or declared missing. A ceasefire was brokered on 5 May. In 1937, the Battle of Shanghai resulted in the occupation of the Chinese-administered parts of Shanghai outside of the International Settlement and

7076-530: The French Concession. People who stayed in the occupied city suffered on a daily basis, experiencing hunger, oppression, or death. The foreign concessions were ultimately occupied by the Japanese on 8 December 1941 and remained occupied until Japan's surrender in 1945; multiple war crimes were committed during that time. A side-effect of the Japanese invasion of Shanghai was the Shanghai Ghetto . Japanese consul to Kaunas , Lithuania , Chiune Sugihara issued thousands of visas to Jewish refugees who were escaping

7198-444: The Japanese invasion. In the 1920s, shidaiqu became a new form of entertainment and was popularised in Shanghai. The city flourished, becoming a primary commercial and financial hub of the Asia-Pacific region in the 1930s. During the ensuing decades, citizens of many countries and all continents came to Shanghai to live and work; those who stayed for long periods⁠⁠—some for generations⁠—called themselves " Shanghailanders ." In

7320-434: The Nazi's Final Solution to the Jewish Question . They traveled from Keidan , Lithuania across Russia by railroad to the Vladivostok from where they traveled by ship to Kobe, Japan . Their stay in Kobe was short as the Japanese government transferred them to Shanghai by November 1941. Other Jewish refugees found haven in Shanghai, not through Sugihara, but came on ships from Italy. The refugees from Europe were interned into

7442-413: 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

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7564-412: 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

7686-409: The Politburo Standing Committee and became the Vice President and an influential power broker. Li Xi , another former deputy party secretary of Shanghai, has become the Politburo Standing Committee and Secretary of CCDI member in 2022. The only exception is Chen Liangyu , who was fired in 2006 and later convicted of corruption . Officials with ties to the Shanghai administration collectively form

7808-535: The River Pu"), the newer part of urban and suburban Shanghai on the east bank of the Huangpu River, is governed by Pudong New Area ( 浦东新区 ). Seven of the districts govern suburbs, satellite towns, and rural areas farther away from the urban core: Baoshan, Minhang , Jiading, Jinshan, Songjiang, Qingpu, and Fengxian. Renminbi The renminbi ( Chinese : 人民币 ; pinyin : Rénmínbì ; lit. 'People's Currency'; symbol : ¥ ; ISO code : CNY ; abbreviation : RMB ), also known as

7930-400: The Southeast," with thirteen temples and seven pagodas. Mi Fu , a scholar and artist of the Song dynasty, served as its mayor. The port experienced thriving trade with provinces along the Yangtze and the Chinese coast, as well as with foreign countries such as Japan and Silla . By the end of the Song dynasty , the center of trading had moved downstream of the Wusong River to Shanghai. It

8052-462: 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

8174-432: The attendees. When Sun Yat-sen attended again at the 10th annual event in 1920, he also wrote for a special Jing Wu newsletter and made a plaque with the engraving "martial spirit". During the period of the Japanese sphere of influence, the Twenty-One Demands sent to the government of the Republic of China resulted in two treaties with Japan on 25 May 1915. This prevented the ruling class from exercising full control over

8296-420: The bank of the Huangpu River, is home to a row of early 20th-century architecture, ranging in style from the neoclassical HSBC Building to the Art Deco Sassoon House (now part of the Peace Hotel ). Many areas in the former foreign concessions are also well-preserved, the most notable being the French Concession. Shanghai is also home to many architecturally distinctive and even eccentric buildings, including

8418-442: 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

8540-724: The beginning of autumn, the city is susceptible to typhoons . The most pleasant seasons are generally spring, although changeable and often rainy, and autumn, which is usually sunny and dry. With monthly percent possible sunshine ranging from 28% in June to 46% in August, the city receives 1,754 hours of bright sunshine annually. (All the mean values mentioned in this paragraph are data observed in Baoshan District） According to China's seasonal division standard, from 2001 to 2024, Shanghai enters spring on 9 March, summer on 16 May, autumn on 5 October, and winter on 4 December. Extremes since 1951 have ranged from −10.1 °C (14 °F) on 31 January 1977 (unofficial record of −12.1 °C (10 °F)

8662-410: The branch. The Anti-Economy Liaison Headquarters dismantled economic organizations in Shanghai, investigated bank withdrawals, and disrupted regular bank service in the city. The Shanghai People's Commune was established in the city during the January Storm of 1967. Despite the disruptions of the Cultural Revolution, Shanghai maintained economic production with a positive annual growth rate. During

8784-582: The city and developed the Pudong district, resulting in the birth of Lujiazui . That year, the China's central government designated Shanghai as the "Dragon Head" of economic reform . As of 2020, Shanghai is classified as an Alpha+ city by the Globalization and World Cities Research Network , making it one of the world's Top 10 major cities. In early 2022, Shanghai experienced a large outbreak of COVID-19 cases. After localized lockdowns failed to stem

8906-472: The city has fewer such structures than Beijing. These buildings were mostly erected between the founding of the People's Republic in 1949 and the Sino-Soviet Split in the late 1960s. During this time period, large numbers of Soviet experts, including architects, poured into China to aid the country in the construction of a communist state. An example of Soviet neoclassical architecture in Shanghai

9028-555: The committee had decided that he should be the "face" of Jing Wu, resulting in his strong association with it. As one of the first public martial arts institutes in China, Jing Wu was intended to create a structured environment for teaching and learning martial arts as opposed to the secretive training that had been common in the past. The founders of Jing Wu felt that the association would keep alive traditions that secrecy and social change would otherwise doom. The basic curriculum drew from several styles of martial arts, giving practitioners

9150-719: The commoners. With their new freedom, Huo's students purchased a new building to serve as the organization's headquarters and named it "Jing Wu Athletic Association". The association accepted new styles of martial arts other than those taught by Huo. In 1918, Jing Wu Athletic Association opened a branch at Nathan Road in Hong Kong. In July 1919, Jing Wu Athletic Association sent five representatives to Southeast Asia to expand their activities overseas. The five were Chen Gongzhe, Li Huisheng, Luo Xiaoao, Chen Shizhao and Ye Shutian. They made their first stop in Saigon, Vietnam, where they opened

9272-419: The customs office for Jiangsu province ( 江 海 关 ; see Customs House, Shanghai ) from the prefectural capital of Songjiang to Shanghai, and gave Shanghai exclusive control over customs collections for Jiangsu's foreign trade. As a result of these two critical decisions, Shanghai became the major trade port for all of the lower Yangtze region by 1735, despite still being at the lowest administrative level in

9394-833: 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

9516-460: The districts govern Puxi ( lit.  "The West Bank," or "West of the River Pu"), the older part of urban Shanghai on the west bank of the Huangpu River. These seven districts are collectively referred to as Shanghai Proper ( 上海市区 ) or the core city ( 市中心 ), which comprise Huangpu, Xuhui, Changning , Jing'an, Putuo, Hongkou, and Yangpu. Pudong ( lit.  "The East Bank," or "East of

9638-536: The early days of Jing Wu in Shanghai, the chief instructor, Zhao Lianhe, developed a curriculum that became the standard Jing Wu sets (Fundamental Routines). Main branches: Secondary branches: Shanghai Shanghai is a direct-administered municipality and the most populous urban area in China . The city is located on the Chinese shoreline on the southern estuary of the Yangtze River , with

9760-912: The east bank of the Huangpu (Pudong). Along Shanghai's eastern shore, the destruction of local wetlands due to the construction of Pudong International Airport has been partially offset by the protection and expansion of a nearby shoal, Jiuduansha , as a nature preserve. Shanghai has a humid subtropical climate ( Köppen : Cfa ), with an average annual temperature of 17.5 °C (63.5 °F) for downtown areas and 16.2–17.2 °C (61.2–63.0 °F) for suburbs. The city experiences four distinct seasons. Winters are temperate to cold and damp—northwesterly winds from Siberia can cause nighttime temperatures to drop below freezing. Each year, there are an average of 4.7 days with snowfall and 1.6 days with snow cover. Summers are hot and humid, and occasional downpours or thunderstorms can be expected. On average, 14.5 days exceed 35 °C (95 °F) annually. In summer and

9882-539: 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

10004-682: The first free-trade zone in mainland China. Shanghai has been classified as an Alpha+ ( global first-tier ) city by the Globalization and World Cities Research Network . As of 2024, it is home to 13 companies of the Fortune Global 500 and is ranked 4th on the Global Financial Centres Index . The city is also a global major center for research and development and home to numerous Double First-Class Universities , including Fudan University and Shanghai Jiaotong University . The Shanghai Metro , first opened in 1993,

10126-640: The first Chin Woo school outside of China. They opened schools in Malaysia and Singapore later as well. By 1923, these five masters had opened schools all over Southeast Asia and visited nine different countries. In 1966, Shanghai's Jing Wu school was forced to discontinue its activities during the Cultural Revolution , whose goals were to destroy old ideas, cultures and customs for the purpose of modernizing China. Those restrictions were lifted in 1976, after which Shanghai's Chin Woo school resumed its activities. During

10248-560: The first factories in Shanghai, which was soon copied by other foreign powers. All this international activity gave Shanghai the nickname "the Great Athens of China." The Republic of China was established in 1912. The same year, the Old City walls were dismantled as they blocked the city's expansion. In July 1921, the Chinese Communist Party was founded in the Shanghai French Concession . On 30 May 1925,

10370-852: The four municipalities under the direct administration of the Central People's Government , and is divided into 16 county-level districts . Although every district has its own urban core, the city hall and major administrative units are located in Huangpu District, which also serves as a commercial area, including the famous Nanjing Road . Other major commercial areas include Xintiandi and Huaihai Road in Huangpu District, and Xujiahui in Xuhui District . Many universities in Shanghai are located in residential areas in Yangpu District and Putuo District . Seven of

10492-413: 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,

10614-526: 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

10736-474: The land area of Shanghai was further expanded to 5,910 km (2,281.9 sq mi) after more surrounding suburban areas in Jiangsu were added: Chongming , Jinshan , Qingpu , Fengxian , Chuansha , and Nanhui . In 1964, the city's administrative divisions were rearranged to 10 urban districts and 10 counties. As the industrial center of China with the most skilled industrial workers, Shanghai became

10858-435: 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

10980-464: 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

11102-483: 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

11224-631: The modern-day districts of Baoshan , Yangpu , Zhabei , Nanshi , and Pudong , but excluded the foreign concessions territories. Headed by a Chinese mayor and municipal council, the new city government's first task—the Greater Shanghai Plan —was to create a new city center in Jiangwan town of Yangpu district, outside the boundaries of the foreign concessions. The plan included a public museum, library, sports stadium, and city hall, which were partially constructed before being interrupted by

11346-762: The most famous architects working in Shanghai was László Hudec , a Hungarian-Slovak who lived in the city between 1918 and 1947. His most notable Art Deco buildings include the Park Hotel , the Grand Cinema , and the Paramount . Other prominent architects who contributed to the Art Deco style are Clement Palmer and Arthur Turner , who together designed the Peace Hotel, the Metropole Hotel , and

11468-409: The municipality today. 申 ( Shēn / sén ) or 申 城 ( Shēnchéng / sén-zen , "Shen City") was an early name originating from Lord Chunshen , a 3rd-century BC nobleman and prime minister of the state of Chu , whose fief included modern Shanghai. Shanghai-based sports teams and newspapers often use Shen in their names, such as Shanghai Shenhua and Shen Bao . 华 亭 ( Huátíng / gho-din )

11590-441: 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

11712-464: 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

11834-635: 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') 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

11956-571: The political hierarchy. In the 19th century, international attention to Shanghai grew due to Europe and recognition of its economic and trade potential at the Yangtze . During the First Opium War (1839–1842), British forces occupied the city. The war ended in 1842 with the Treaty of Nanking , which opened Shanghai as one of the five treaty ports for international trade. The Treaty of

12078-658: 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

12200-440: The provinces of Zhejiang to the south and Jiangsu to the west and north. The municipality's northernmost point is on Chongming Island , which is the second-largest island in mainland China after its expansion during the 20th century. It does not administratively include an exclave of Jiangsu on northern Chongming or the two islands forming Shanghai's Yangshan Port , which are parts of Zhejiang's Shengsi County . Shanghai

12322-564: 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

12444-544: 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

12566-427: 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 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

12688-441: 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 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,

12810-454: 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

12932-503: 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 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,

13054-562: 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

13176-528: The rise in cases, the Chinese government locked down the entire city on 5 April. This resulted in widespread food shortages across the city emerged as food-supply chains were severely disrupted by the government's lockdown measures, which were not lifted until 1 June. Shanghai is located on the Yangtze Estuary of China's east coast, with the Yangtze River to the north and Hangzhou Bay to

13298-464: The south, with the East China Sea to the east. The land is formed by the Yangtze's natural deposition and modern land reclamation projects. As such, it has sandy soil , and skyscrapers have to be built with deep concrete piles to avoid sinking into the soft ground. The provincial-level Municipality of Shanghai administers both the estuary and many of its surrounding islands . It borders

13420-711: The town's economic importance, as opposed to its low political status. During the Qing dynasty , Shanghai became one of the most important seaports in the Yangtze Delta region as a result of two important central government policy changes: in 1684, the Kangxi Emperor reversed the Ming dynasty prohibition on oceangoing vessels—a ban that had been in force since 1525; and in 1732, the Qianlong Emperor moved

13542-482: 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

13664-400: The war, Shanghai's economy was restored—from 1949 to 1952, the city's agricultural and industrial output increased by 51.5% and 94.2%, respectively. There were 20 urban districts and 10 suburbs at the time. On 17 January 1958, Jiading , Baoshan, and Shanghai County in Jiangsu became part of Shanghai Municipality, which expanded to 863 km (333.2 sq mi). The following December,

13786-437: 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

13908-492: 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

14030-421: 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

14152-417: Was another early name for Shanghai. In AD 751 during the mid-Tang dynasty, Huating County was established by Zhao Juzhen , the governor of Wu Commandery , at modern-day Songjiang, the first county-level administration within modern-day Shanghai. The first five-star hotel in the city was named after Huating. 魔 都 ( Módū / mó-tu , "monster/fiend/magical city"), a contemporary nickname for Shanghai,

14274-604: 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

14396-596: Was one of five treaty ports forced to open to European trade after the First Opium War , which ceded Hong Kong to the United Kingdom until it was handed over back to China on 1 July 1997. This followed the Second Battle of Chuenpi in 1841, more than 60 km (37 mi) east of the Portuguese colony of Macau . Macau was controlled by Portugal following the Luso-Chinese agreement of 1554 until

14518-582: Was set on 19 January 1893) to 40.9 °C (106 °F) on 21 July 2017 and 13 July 2022 at a weather station in Xujiahui and 2 August 2024 in Minhang District following a record hot night set at 32.1 °C (90 °F) as the highest ever daily minimum temperature at Xujiahui. On 8 August 2013, the weather station at Shanghai Pudong International Airport also observed a high temperature of 41.0 °C (106 °F). The Bund , located by

14640-740: 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

14762-471: 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

14884-511: Was upgraded in status from a village to a market town in 1074, and in 1172, a second sea wall was built to stabilize the ocean coastline, supplementing an earlier dike. From the Yuan dynasty in 1292 until Shanghai officially became a municipality in 1927, central Shanghai was administered as a county under Songjiang Prefecture, which had its seat in the present-day Songjiang District . Two important events helped promote Shanghai's developments in

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