To provide a refrigerating cycle capable of retaining the sub-cool of a refrigerant at the optimum value at all times.

An annular flow passage 2 is constituted of a compressor 3 for compressing a refrigerant, a condenser 4 for condensing and liquefying the refrigerant, compressed by the compressor 3, through heat exchange, an expanding means 5 for expanding the refrigerant, condensed by the condenser 4, and an evaporator 6 for evaporating the refrigerant, expanded by the expanding means 5, through heat exchange, which are connected sequentially. In this case, super-cooling degree detecting means 11, 12, 13 for detecting the super-cooling degree of refrigerant in the refrigerant inflow port of the expanding means 5 are provided while refrigerant flow rate control means 7, 8, 9, changing the circulating flow rate of the refrigerant in the annular flow passage 2 in accordance with the degrees of super-cooling, which are detected by the super-cooling degree detecting means 11, 12, 13, are provided.