In the past, the only way to change won was to change dollars first, and then go to South Korea with dollars to change won. The exchange rate of RMB against the US dollar is relatively stable, because the People's Bank of China linked the RMB to the US dollar, and the exchange rate of RMB against the US dollar remained basically unchanged when the exchange rates of other currencies fluctuated greatly.
After the exchange rate reform, the People's Bank of China announced that the RMB was linked to a basket of currencies such as the US dollar and the euro, but other currencies accounted for a small proportion. Therefore, in South Korea, if RMB is converted into won, in fact, the bank's operation is to convert RMB into US dollars and then into won. Consumers have to pay the difference twice and get relatively little won.
At present, domestic banks have officially started the two-way cash exchange business of won, and the won in the foreign currency column of RMB foreign exchange quotation has also officially joined. China Bank is the first bank in China to be allowed to offer two-way cash exchange of won. 1000 won is equivalent to about 6. 10 yuan.
Extended data:
The total number of Korean coins is 1 won, 5 won, 10 won, 50 won, 100 won, 500 won and 6 currencies. There are four kinds of coins in circulation: 10 won, 50 won, 100 won and 500 won (10 won is the smallest unit).
Because the exchange rate of won is high and worthless, 1 yuan and 5-yuan coins stopped circulating in February 2006. On June 23, 2009, the Bank of Korea, the Central Bank of Korea, issued a banknote with a face value of 50,000 won (about US$ 40), which is the largest banknote issued by the country so far.
State administration of foreign exchange-central parity of RMB exchange rate