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Value of 1998 Chinese Renminbis today

¥100 in 1998
¥162.32 in 2022

The inflation rate in China between 1998 and today has been 62.32%, which translates into a total increase of ¥62.32. This means that 100 renminbis in 1998 are equivalent to 162.32 renminbis in 2022. In other words, the purchasing power of ¥100 in 1998 equals ¥162.32 today. The average annual inflation rate between these periods has been 2.04%.

Inflation timeline in China (1998 - 2022)

The following chart depicts the equivalence of ¥100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (CNY) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1998-2021 58.08%
Cumulative inflation 1998-today 62.32%
Avg. Annual inflation 1998-2021 2.01%
CPI 1998 71.21
CPI 2021 112.57
CPI 2022-10 (latest official data) 115.45
CPI today 115.59

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1998 and 2021, use the corresponding CPI values:

Value2021
=Value1998 ×
CPI2021/CPI1998
=¥ 100 ×
112.57/71.21
¥158.08

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 115.59:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=¥ 100 ×
115.59/71.21
¥162.32

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ¥100 worth today. There are 23 years between 1998 and 2021 and the average inflation rate was 2.0109%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=¥100 × (1 + 0.020109)23
¥158.08

China inflation - Conversion table

Initial Value Equivalent value
¥1 renminbi in 1998 ¥1.58 renminbis in 2021
¥5 renminbis in 1998 ¥7.9 renminbis in 2021
¥10 renminbis in 1998 ¥15.81 renminbis in 2021
¥50 renminbis in 1998 ¥79.04 renminbis in 2021
¥100 renminbis in 1998 ¥158.08 renminbis in 2021
¥500 renminbis in 1998 ¥790.4 renminbis in 2021
¥1,000 renminbis in 1998 ¥1,580.79 renminbis in 2021
¥5,000 renminbis in 1998 ¥7,903.96 renminbis in 2021
¥10,000 renminbis in 1998 ¥15,807.93 renminbis in 2021
¥50,000 renminbis in 1998 ¥79,039.65 renminbis in 2021
¥100,000 renminbis in 1998 ¥158,079.3 renminbis in 2021
¥500,000 renminbis in 1998 ¥790,396.49 renminbis in 2021
¥1,000,000 renminbis in 1998 ¥1,580,792.98 renminbis in 2021
Cumulative inflation From 1998 62.32%
Avg. annual inflation From 1998 2.04%
CPI 1998 71.21
CPI today 115.59

Value of Renminbi over time (by year)

Period Value
1998 100
1999 98.6
2000 98.94
2001 99.65
2002 98.92
2003 100.04
2004 103.87
2005 105.71
2006 107.45
2007 112.63
2008 119.3
2009 118.43
2010 122.2
2011 128.98
2012 132.36
2013 135.83
2014 138.44
2015 140.43
2016 143.24
2017 145.52
2018 148.54
2019 152.85
2020 156.54
2021 158.08
2022-10 162.13
Today 162.32

All available years

Today's value of chinese renminbis by year:

1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |

Other currencies: