Etymology of the Korean currencies Etymology of the Korean currencies The won is the currency of both North and South Korea. "Won" is a cognate of the Chinese currency unit, the yuan, and the Japanese currency unit, the yen, meaning "round object". The won is subdivided into 100 jeon (전; 錢; McCune-Reischauer: "chŏn"; Revised Romanization: "jeon"). Yang is a former Korean currency. It is a cognate of the Chinese tael (pronounced "liǎng" in Chinese). The yang was subdivided into 100 fun (pronounced "pun" but spelt with an "f" on the coins). Fun (푼) is a cognate of the Chinese word fen (分 fēn), referring to
Monetary policy of China Monetary policy of China Monetary policy concerns the actions of a central bank or other regulatory authorities adopt to manage and regulate currency and credit in order to achieve certain macroeconomic goals. The monetary policy of China aims to keep the value of the RMB stable and contribute to economic growth. "The Law on the People's Bank of China (the PBOC) stipulates that the objective of monetary policy is to keep the value of RMB stable to contribute to economic growth." The steady monetary policy with Chinese characteristics came into being gradually after 1998. The so-called prudent monetary policy means