1948 The People's Bank of China issues yuan for first time, replacing various currencies used in different liberated territories around the nation and notes issued by the Kuomintang government. Soon after the People's Republic of China is established, exchange rates between the yuan and foreign currencies are different in Shanghai, Tianjin and Guangzhou.
1950 Government unifies exchange rate and sets it at about US$1 = 35,000 old yuan.
1955 A new yuan currency is introduced, with one yuan of the new notes equalling 10,000 yuan of the old.
March 1, 1955 The exchange rate for the new yuan is set at US$100 = 246.18 yuan.
1973 to 1983 US$100 can officially buy less than 200 yuan but the US currency steadily gains in value against the yuan after 1982.
1994 China unifies the dual-track exchange rate
1998 The exchange rate is pegged at about 8.28 yuan to the US dollar.