The basic unit of the won is the won. The monetary unit in Korea is "_", Chinese characters are written as "circle" or "yuan", and pinyin is expressed as "won" (_). Sometimes I still use the old name "_" (_, Won). ISO 42 17 defines its standard code as KRW.
There are two kinds of Korean currency: paper money and coins. There are four kinds of paper money: 1000 won, 5000 won, 10000 won and 50000 won, which can be easily distinguished according to the historical figures and colors printed on the paper money.
There are six kinds of Korean coins: 1 won, 5 won, 10 won, 50 won, 100 won and 500 won. 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. Common pronunciations "Win" and "Huan": It is the pronunciation usage of ancient Korean currency.
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 Korean won (KRW), and the Korean won has officially joined the foreign currency column of RMB foreign exchange quotation. 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.
After the opening of the two-way cash exchange service for won, Bank of China will provide services for residents and non-resident individuals to exchange won cash for RMB cash. You need to provide your valid identity certificate when you exchange. However, only non-resident individuals are provided with the service of converting RMB cash into Korean won cash. Moreover, domestic banks are temporarily unable to provide foreign exchange purchase business in won. Individuals who go to Korea for business, business or tourism can first buy foreign exchange in RMB and then convert it into won.