| Description | The yuan, also known as the renminbi (RMB), is the official currency of the People's Republic of China. The term "renminbi" refers to the currency itself, while "yuan" is the principal unit of account within this currency. The yuan is denoted by the symbol ¥, which is shared with the Japanese yen, leading to the occasional use of CN¥ to distinguish it.
One yuan (元) is divided into 10 jiao (角), and each jiao is further subdivided into 10 fen (分). The People's Bank of China issues banknotes in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, and ¥100. Coins are available in denominations of ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5, and ¥1.
The renminbi was introduced in 1948 and has become a significant currency globally, used both domestically and internationally. Despite the distinction between "renminbi" and "yuan," the terms are often used interchangeably in everyday conversation. |
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