Spans five time zones and is bordered by fourteen countries, China is the third largest country in the world. The country's origin is traced back to the cradle of civilization in the Yellow River, and it has become a prominent global economic and political force.
In terms of nominal GDP, the country has the world’s second-largest and is the largest when it comes to purchasing power parity. Its economy is among the most prosperous, with an economic growth that has been more than 6 percent since the economic reforms were introduced in 1978. Most of the 500 largest companies in the world are also headquartered in China. It was among the largest economies in the world for centuries. Its diversified economy includes telecommunications, steel, textiles, energy generation, banking, real estate, tourism, electronics, retail, and mining.
China’s official currency is the renminbi (RMB) with the yuan as the renminbi’s basic unit, divided into 10 jiao. It was introduced in 1948 by the People’s Bank of China after the formation of the People’s Republic of China, initially in paper form and controlled by the Communists. The currency was pegged to the US dollar until 2005.
With the Chinese Communist Paryu taking over larger areas, the country began using a unified currency. The currency was known as the People’s Bank of China banknotes, the “new currency”, and later on, the renminbi or the People’s currency.