The yen is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro, it is widely used as a reserve currency after the U. S. dollar, the euro, the pound sterling. The concept of the yen was a component of the Meiji government's modernization program of Japan's economy. Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations; the New Currency Act of 1871 did away with these and established the yen, defined as 1.5 g of gold, or 24.26 g of silver, as the new decimal currency. The former han became prefectures and their mints private chartered banks, which retained the right to print money. To bring an end to this situation the Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system.
When that system was abandoned in 1971, the yen was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973 underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980. Since 1973, the Japanese government has maintained a policy of currency intervention, the yen is therefore under a "dirty float" regime; this intervention continues to this day. The Japanese government focuses on a competitive export market, tries to ensure a low yen value through a trade surplus; the Plaza Accord of 1985 temporarily changed this situation from its average of ¥239 per US$1 in 1985 to ¥128 in 1988 and led to a peak value of ¥80 against the U. S. dollar in 1995 increasing the value of Japan’s GDP to that of the United States. Since that time, the yen has decreased in value; the Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has had a strict anti-inflation policy. Yen derives from the Japanese word 圓, which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won.
The Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them "silver rounds" for their circular shapes. The coins and the name appeared in Japan. While the Chinese replaced 圓 with 元, the Japanese continued to use the same word, given the shinjitai form 円 in reforms at the end of World War II; the spelling and pronunciation "yen" is standard in English. This is because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ and /we/ both had been pronounced and Portuguese missionaries had spelled them "ye"; some time thereafter, by the middle of the 18th century, /e/ and /we/ came to be pronounced as in modern Japanese, although some regions retain the pronunciation. Walter Henry Medhurst, who had neither been to Japan nor met any Japanese, having consulted a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, Japanese and English Vocabulary. In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary.
That was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition in order to mirror the contemporary pronunciation, except "yen"; this was already fixed and has remained so since. In the 19th century, silver Spanish dollar coins were common throughout Southeast Asia, the China coast, Japan; these coins had been introduced through Manila over a period of two hundred and fifty years, arriving on ships from Acapulco in Mexico. These ships were known as the Manila galleons; until the 19th century, these silver dollar coins were actual Spanish dollars minted in the new world at Mexico City. But from the 1840s, they were replaced by silver dollars of the new Latin American republics. In the half of the 19th century, some local coins in the region were made in the resemblance of the Mexican peso; the first of these local silver coins was the Hong Kong silver dollar coin, minted in Hong Kong between the years 1866 and 1869.
The Chinese were slow to accept unfamiliar coinage and preferred the familiar Mexican dollars, so the Hong Kong government ceased minting these coins and sold the mint machinery to Japan. The Japanese decided to adopt a silver dollar coinage under the name of'yen', meaning'a round object'; the yen was adopted by the Meiji government in an Act signed on June 27, 1871. The new currency was introduced beginning from July of that year; the yen was therefore a dollar unit, like all dollars, descended from the Spanish Pieces of eight, up until the year 1873, all the dollars in the world had more or less the same value. The yen replaced a complex monetary system of the Edo period based on the mon.. The New Currency Act of 1871, stipulated the adoption of the decimal accounting system of yen and rin, with the coins being round and manufactured using Western machinery; the yen
Paul Anthony Samuelson was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize in 1970, that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker has called him the "Father of Modern Economics", The New York Times considered him to be the "foremost academic economist of the 20th century". Samuelson was the most influential economist of the 20th century. In 1996, when he was awarded the National Medal of Science, considered to be America's top science-honor, President Bill Clinton commended Samuelson for his "fundamental contributions to economic science" for over 60 years. Samuelson considered mathematics to be the "natural language" for economists and contributed to the mathematical foundations of economics with his book Foundations of Economic Analysis, he was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948.
It was the second American textbook. It is now in its 19th edition, having sold nearly 4 million copies in 40 languages, including Russian, Greek, Chinese, German, Polish, Czech, Hungarian, Swedish, Dutch, Hebrew and Arabic. James Poterba, former head of MIT's Department of Economics, noted that by his book, Samuelson "leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands", he entered the University of Chicago at age 16, during the depths of the Great Depression, received his PhD in economics from Harvard. After graduating, he became an assistant professor of economics at Massachusetts Institute of Technology when he was 25 years of age and a full professor at age 32. In 1966, he was named MIT's highest faculty honor, he spent his career at MIT where he was instrumental in turning its Department of Economics into a world-renowned institution by attracting other noted economists to join the faculty, including Robert M. Solow, Franco Modigliani, Robert C.
Merton, Joseph E. Stiglitz, Paul Krugman, all of whom went on to win Nobel Prizes, he served as an advisor to Presidents John F. Kennedy and Lyndon B. Johnson, was a consultant to the United States Treasury, the Bureau of the Budget and the President's Council of Economic Advisers. Samuelson wrote a weekly column for Newsweek magazine along with Chicago School economist Milton Friedman, where they represented opposing sides: Samuelson, as a self described "Cafeteria Keynesian", claimed taking the Keynesian perspective but only accepting what he felt was good in it. By contrast, Friedman represented the monetarist perspective. Together with Henry Wallich, their 1967 columns earned the magazine a Gerald Loeb Special Award in 1968. Samuelson died on 13 December 2009, at the age of 94. Samuelson was born in Gary, Indiana, on 15 May 1915, to Frank Samuelson, a pharmacist, the Ella née Lipton, his family, he said, was "made up of upwardly mobile Jewish immigrants from Poland who had prospered in World War I, because Gary was a brand new steel-town when my family went there".
In 1923, Samuelson moved to Chicago. He studied at the University of Chicago and received his Bachelor of Arts degree there in 1935, he said he was born as an economist, at 8.00am on January 2, 1932, in the University of Chicago classroom. The lecture mentioned the cause was on the British economist Thomas Malthus, who most famously studied population growth and its effects. Samuelson felt there was a dissonance between neoclassical economics and the way the system seemed to behave, he next completed his Master of Arts degree in 1936, his Doctor of Philosophy in 1941 at Harvard University. He won the David A. Wells prize in 1941 for writing the best doctoral dissertation at Harvard University in economics, for a thesis titled "Foundations of Analytical Economics", which turned into Foundations of Economic Analysis; as a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, the "American Keynes" Alvin Hansen. Samuelson remained there until his death.
Samuelson's family included many well-known economists, including brother Robert Summers, sister-in-law Anita Summers, brother-in-law Kenneth Arrow and nephew Larry Summers. During his seven decades as an economist, Samuelson's professional positions included: Assistant professor of economics at M. I. T, 1940, associate professor, 1944. Member of the Radiation Laboratory 1944–45. Professor of international economic relations at the Fletcher School of Law and Diplomacy in 1945. Guggenheim Fellowship from 1948 to 1949 Professor of economics at MIT beginning in 1947 and Institute Professor beginning in 1962. Vernon F. Taylor Visiting Distinguished Professor at Trinity University in spring 1989. Samuelson died after a brief illness on December 13, 2009, at the age of 94, his death was announced by the Massachusetts Institute of Technology. James M. Poterba, an economics professor at MIT and the president of the National Bureau of Economic Research, commented that Samuelson "leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands".
Susan Hockfield, the president of MIT, said that Samuelson "transformed everything he tou
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
The Belarusian ruble or rouble is the official currency of Belarus. The ruble is subdivided into 100 kapeks; as a result of the breakup of the supply chain in the former Soviet enterprises, goods started to be bought and sold in the market requiring cash settlement. The Belarusian unit of the USSR State Bank had neither the capacity nor the licence to print Soviet banknotes, so the government decided to introduce its own national currency to ease the cash situation; the German word Thaler, divided into 100 Groschen was suggested as the name for a Belarusian currency. In the medieval Grand Duchy of Lithuania of which Belarus was a major part, the word ruble has been used as a name for a currency in circulation. From the collapse of the Soviet Union until May 1992, the Soviet ruble circulated in Belarus alongside the Belarusian ruble. New Russian banknotes circulated in Belarus, but they were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992; the first post-Soviet Belarusian ruble was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian ruble = 10 Soviet rubles.
It took. In 2000, a new ruble was introduced, replacing the first at a rate of 1 BYR = 1,000 BYB; this was redenomination with three zeros removed. Only banknotes have been issued, with the only coins issued being commemoratives for collectors. From the beginning of his presidency in 1994, Alyaksandr Lukashenka began to suggest the idea of integration with the Russian Federation and to undertake steps in this direction. From the beginning, there was an idea of introducing a united currency for the Union of Russia and Belarus. Art. 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Discussions about the Union currency has continued past the 2005 implementation goal set by both nations. Starting in 2008, the Central Bank of the Republic of Belarus announced that the ruble would be tied to the United States dollar instead of to the Russian ruble. "Stanislav Bogdankevich, a former bank chairman, called the decision political, saying it was tied to Belarus' open displeasure at Russia's decision to hike oil and gas export prices to Belarus earlier this year.
Belarus' economy is Soviet-style, centrally controlled and has been reliant on cheap energy supplies from Russia". In July 2016, a new ruble was introduced, at a rate of 1 BYN = 10,000 BYR. Old and new rubles circulated in parallel from July 1 to December 31, 2016. Belarus issued coins for general circulation for the first time. Seven denominations of banknotes and eight denominations of coins are in circulation on July 1, 2016; the banknotes show 2009 as an issue date. Their designs are similar to those of the euro. In 2016, for the first time in the whole history of the Belarusian ruble, coins were introduced due to the redenomination. Belarus was one of the few countries in the world never to have issued coins. Slovakia has offered to mint the coins, has provided prototypes; the coins of up to 5 kapeks are struck in copper-plated steel. All coins show the National emblem of Belarus, the inscription'БЕЛАРУСЬ' and the year of minting on their obverse; the reverse shows the value of the coin accompanied by different ornaments with their own meanings.
Belarus is a large producer of commemorative coinage for the numismatic market, most gold and silver bullion coins and non-circulating legal tender. The first coins of the Republic of Belarus were issued on December 27, 1996, their designs range from commonplace to unique and innovative. A majority of these coins have a face value of 1 ruble, there are a few denominated as 3, 5 rubles and higher amounts. All these coins are unlikely to be seen in general circulation. In 1992, banknotes were introduced in denominations of 50 kapeks, 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000 and 5,000 rubles; these were followed by 20,000 rubles in 1994, 50,000 rubles in 1995, 100,000 rubles in 1996, 500,000 rubles in 1998 and 1,000,000 and 5,000,000 rubles in 1999. In 2000, notes were introduced in denominations of 1, 5, 10, 20, 50, 100, 500, 1,000 and 5,000 rubles. In 2001, higher denominations of 10,000, 20,000 and 50,000 rubles were introduced, followed by 100,000 rubles in 2005 and 200,000 rubles in 2012. There were no banknotes issued in kapecks.
"On 1 September 2010, new rules of Belarusian orthography came into force. According to the old rules, the correct spelling of the word “fifty” in Belarusian was “пяцьдзесят,” but under the new rules, it should be spelled “пяцьдзясят,” the difference being that the seventh character was the Cyrillic letter IE but is now the Cyrillic letter YA; as a result of these ne
Petroleum is a occurring, yellowish-black liquid found in geological formations beneath the Earth's surface. It is refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation, i.e. separation of a liquid mixture into fractions differing in boiling point by means of distillation using a fractionating column. It consists of occurring hydrocarbons of various molecular weights and may contain miscellaneous organic compounds; the name petroleum covers both occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms zooplankton and algae, are buried underneath sedimentary rock and subjected to both intense heat and pressure. Petroleum has been recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, reservoir characterisation have been completed, it is refined and separated, most by distillation, into a large number of consumer products, from gasoline and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals.
Petroleum is used in manufacturing a wide variety of materials, it is estimated that the world consumes about 95 million barrels each day. The use of petroleum as fuel is controversial due to its impact on global warming and ocean acidification. Fossil fuels, including petroleum, need to be phased out by the end of 21st century to avoid "severe and irreversable impacts for people and ecosystems", according to the UN's Intergovernmental Panel on Climate Change; the word petroleum comes from Medieval Latin petroleum, which comes from Latin petra', "rock", Latin oleum, "oil". The term was used in the treatise De Natura Fossilium, published in 1546 by the German mineralogist Georg Bauer known as Georgius Agricola. In the 19th century, the term petroleum was used to refer to mineral oils produced by distillation from mined organic solids such as cannel coal, refined oils produced from them. Petroleum, in one form or another, has been used since ancient times, is now important across society, including in economy and technology.
The rise in importance was due to the invention of the internal combustion engine, the rise in commercial aviation, the importance of petroleum to industrial organic chemistry the synthesis of plastics, solvents and pesticides. More than 4000 years ago, according to Herodotus and Diodorus Siculus, asphalt was used in the construction of the walls and towers of Babylon. Great quantities of it were found on the banks of the river Issus, one of the tributaries of the Euphrates. Ancient Persian tablets indicate the medicinal and lighting uses of petroleum in the upper levels of their society; the use of petroleum in ancient China dates back to more than 2000 years ago. In I Ching, one of the earliest Chinese writings cites that oil in its raw state, without refining, was first discovered and used in China in the first century BCE. In addition, the Chinese were the first to use petroleum as fuel as early as the fourth century BCE. By 347 AD, oil was produced from bamboo-drilled wells in China. Crude oil was distilled by Arabic chemists, with clear descriptions given in Arabic handbooks such as those of Muhammad ibn Zakarīya Rāzi.
The streets of Baghdad were paved with tar, derived from petroleum that became accessible from natural fields in the region. In the 9th century, oil fields were exploited in the area around Azerbaijan; these fields were described by the Arab geographer Abu al-Hasan'Alī al-Mas'ūdī in the 10th century, by Marco Polo in the 13th century, who described the output of those wells as hundreds of shiploads. Arab and Persian chemists distilled crude oil in order to produce flammable products for military purposes. Through Islamic Spain, distillation became available in Western Europe by the 12th century, it has been present in Romania since the 13th century, being recorded as păcură. Early British explorers to Myanmar documented a flourishing oil extraction industry based in Yenangyaung that, in 1795, had hundreds of hand-dug wells under production. Pechelbronn is said to be the first European site where petroleum has been used; the still active Erdpechquelle, a spring where petroleum appears mixed with water has been used since 1498, notably for medical purposes.
Oil sands have been mined since the 18th century. In Wietze in lower Saxony, natural asphalt/bitumen has been explored since the 18th century. Both in Pechelbronn as in the coal industry dominated the petroleum technologies. Chemist James Young noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a more viscous oil suitable for lubricating machinery. In 1848, Young set up a small business refining the crude oil. Young succeeded, by distilling cannel coal at a low heat, in creating a fluid resembling petroleum, which when treated in the same way as the seep oil gave similar products. Young found that by sl
The renminbi is the official currency of the People's Republic of China. The yuan is the basic unit of the renminbi, but is used to refer to the Chinese currency especially in international contexts where "Chinese yuan" is used to refer to the renminbi; the distinction between the terms renminbi and yuan is similar to that between sterling and pound, which refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao, a jiao in turn is subdivided into 10 fen; the renminbi is issued by the People's Bank of the monetary authority of China. 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, increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity. More however, 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, 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 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. On 1 October 2016, the RMB 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; the ISO code for renminbi is CNY, or CNH when traded in off-shore markets such as Hong Kong. The currency is abbreviated RMB, or indicated by the yuan sign ¥; the latter may be written CN¥ to distinguish it from other currencies with the same symbol. In Chinese texts the currency may be indicated with the Chinese character for the yuan, 圆; the renminbi is legal tender in mainland China, but not in Hong Macau. However, Renminbi is accepted in Hong Kong and Macau, are exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB and withdraw RMB banknotes from ATM terminals.
In 1889, the yuan was equated at par with the Mexican peso, a silver coin deriving from the Spanish dollar which circulated in southeast Asia since the 17th century due to Spanish presence in the Philippines and Guam. It was subdivided into 1000 cash, 100 cents or fen, 10 jiao, it replaced. The sycees were denominated in tael; the yuan was valued at 0.72 tael. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the Imperial Bank of China and the "Hu Pu Bank", established by the Imperial government. During the Imperial period, banknotes were issued in denominations of 1, 2 and 5 jiao, 1, 2, 5, 10, 50 and 100 yuan, although notes below 1 yuan were uncommon; the earliest issues were silver coins produced at the Guangdong mint, known in the West at the time as Canton, transliterated as Kwangtung, in denominations of 5 cents, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar silver coins along with copper coins in denominations of 1, 2, 5, 10 and 20 cash.
Other regional mints were opened in the 1890s. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with banks established by the Imperial government; the central government began issuing its own coins in the yuan currency system in 1903. These were brass 1 cash, copper 2, 5, 10 and 20 cash, silver 1, 2 and 5 jiao and 1 yuan. After the revolution, although the designs changed, the sizes and metals used in the coinage remained unchanged until the 1930s. From 1936, the central government issued 1⁄2 yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940. A variety of currencies circulated in China during the Republic of China era, most of which were denominated in the unit yuán; each was distinguished by a currency name, such as the fabi, the "gold yuan", the "silver yuan". The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of the People's Republic of China.
It was issued only in paper money form at first, 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 era; that achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan. As the Communist Party of China took control of larger territories in the latter part of the Chinese Civil War, its People's Bank of China began in 1948 to issue a unified currency for use in Communist-controlle
Zimbabwe the Republic of Zimbabwe, is a landlocked country located in southern Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa, Botswana and Mozambique. The capital and largest city is Harare. A country of 16 million people, Zimbabwe has 16 official languages, with English and Ndebele the most used. Since the 11th century, present-day Zimbabwe has been the site of several organised states and kingdoms as well as a major route for migration and trade; the British South Africa Company of Cecil Rhodes first demarcated the present territory during the 1890s. In 1965, the conservative white minority government unilaterally declared independence as Rhodesia; the state endured a 15-year guerrilla war with black nationalist forces. Zimbabwe joined the Commonwealth of Nations, from which it was suspended in 2002 for breaches of international law by its then-government, from which it withdrew in December 2003; the sovereign state is a member of the United Nations, the Southern African Development Community, the African Union, the Common Market for Eastern and Southern Africa.
It was once known as the "Jewel of Africa" for its prosperity under the former Rhodesian administration. Robert Mugabe became Prime Minister of Zimbabwe in 1980, when his ZANU-PF party won the elections following the end of white minority rule. Under Mugabe's authoritarian regime, the state security apparatus dominated the country and was responsible for widespread human rights violations. Mugabe maintained the revolutionary socialist rhetoric of the Cold War era, blaming Zimbabwe's economic woes on conspiring Western capitalist countries. Contemporary African political leaders were reluctant to criticise Mugabe, burnished by his anti-imperialist credentials, though Archbishop Desmond Tutu called him "a cartoon figure of an archetypal African dictator"; the country has been in economic decline since the 1990s, experiencing several crashes and hyperinflation along the way. On 15 November 2017, in the wake of over a year of protests against his government as well as Zimbabwe's declining economy, Mugabe was placed under house arrest by the country's national army in a coup d'état.
On 19 November 2017, ZANU-PF sacked Robert Mugabe as party leader and appointed former Vice President Emmerson Mnangagwa in his place. On 21 November 2017, Mugabe tendered his resignation prior to impeachment proceedings being completed. On 30 July 2018 Zimbabwe held its general elections, won by the ZANU-PF party led by Emmerson Mnangagwa. Nelson Chamisa, leading the main opposition party MDC Alliance contested the election results and filed a petition to the Constitution Court of Zimbabwe; the court confirmed Mnangagwa's victory. The name "Zimbabwe" stems from a Shona term for Great Zimbabwe, an ancient ruined city in the country's south-east whose remains are now a protected site. Two different theories address the origin of the word. Many sources hold that "Zimbabwe" derives from dzimba-dza-mabwe, translated from the Karanga dialect of Shona as "houses of stones"; the Karanga-speaking Shona people live around Great Zimbabwe in the modern-day province of Masvingo. Archaeologist Peter Garlake claims that "Zimbabwe" represents a contracted form of dzimba-hwe, which means "venerated houses" in the Zezuru dialect of Shona and references chiefs' houses or graves.
Zimbabwe was known as Southern Rhodesia and Zimbabwe Rhodesia. The first recorded use of "Zimbabwe" as a term of national reference dates from 1960 as a coinage by the black nationalist Michael Mawema, whose Zimbabwe National Party became the first to use the name in 1961; the term "Rhodesia"—derived from the surname of Cecil Rhodes, the primary instigator of British colonisation of the territory during the late 19th century—was perceived by African nationalists as inappropriate because of its colonial origin and connotations. According to Mawema, black nationalists held a meeting in 1960 to choose an alternative name for the country, proposing names such as "Matshobana" and "Monomotapa" before his suggestion, "Zimbabwe", prevailed. A further alternative, put forward by nationalists in Matabeleland, had been "Matopos", referring to the Matopos Hills to the south of Bulawayo, it was unclear how the chosen term was to be used—a letter written by Mawema in 1961 refers to "Zimbabweland" — but "Zimbabwe" was sufficiently established by 1962 to become the preferred term of the black nationalist movement.
In a 2001 interview, black nationalist Edson Zvobgo recalled that Mawema mentioned the name during a political rally, "and it caught hold, and, that". The black nationalist factions subsequently used the name during the Second Chimurenga campaigns against the Rhodesian government during the Rhodesian Bush War of 1964–1979. Major factions in this camp included the Zimbabwe African National Union, the Zimbabwe African People's Union. Archaeological records date human settlement of present-day Zimbabwe to at least 100,000 years ago; the earliest known inhabitants were San people, who left behind arrowheads and cave paintings. The first Bantu-speaking farmers arrived during the Bantu expansion around 2000 years ago. Societies speaking proto-Shona languages fir