1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 5.5905 LUF (Luxembourg Franc). It is the official currency of Luxembourg from 1854–1940 and 1945–1999. In 1999, the LUF (Luxembourg Franc) was pegged to the Euro at 1 Euro = 40.3399 Francs. Luxembourg is a tiny European country, bordered by Belgium, France and Germany. The country's theory of "no obligation and no prohibition" says the country’s transactions could be in Euros or Francs, but payments could only be made in Francs. The LUF is denoted by the symbol "fr" or "F". 1 LUF is sub-divided into 100 Centimes. The issue of the currency is controlled and governed by the Central Bank of Luxembourg. The LUF (Luxembourg Franc) is used by both Luxembourg and Belgium.