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Published Monday, August 19, 19 | By PaulvHill

The renminbi (Ab.RMBsimplified Chinese人民币traditional Chinese人民幣pinyin: rénmínbì; literally: "people's currency"; signcodeCNY) is the official currency of the People's Republic of China. The yuan (Chinesepinyinyuán) is the basic unit of the renminbi but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao (Chinesepinyinjiǎo), and a jiaoin turn is subdivided into 10 fen (Chinesepinyinfēn). The renminbi is issued by the People's Bank of China, the monetary authority of China.

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