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Chinese Yuan

Currency Name:Chinese yuan
Symbol:¥ or 元
Central Bank:People's Bank of China
Number of Country & Territory Using Chinese Yuan:1 Countries.
Country & Territory Officially Using Chinese Yuan:China.
Banknotes:Banknotes: CN¥1, CN¥5, CN¥10, CN¥20, CN¥50, CN¥100
Coins: CN¥0.01, CN¥0.02, CN¥0.05, CN¥0.1, CN¥0.5, CN¥1

The Chinese Yuan or Renminbi (abbreviated RMB; symbol: 元/¥; code: CNY) is the official currency of the People's Republic of China and one of the world's reserve currencies, ranking as the eighth most traded currency in the world as of April 2019. The yuan is the basic unit of the renminbi, but the word is also used to refer to the Chinese currency generally, especially in international contexts. One yuan divides into ten jiao, and a jiao in turn divides into ten fen. The renminbi is issued by the People's Bank of China, the monetary authority of China.

Why China's Yuan currency also called the Renminbi? Both names are perfectly good, but in slightly different ways. "Renminbi" is the official name of the currency introduced by the Communist People's Republic of China at the time of its foundation in 1949. It means "the people's currency". "Yuan" is the name of a unit of the renminbi currency. Something may cost one yuan or 10 yuan. It would not be correct to say that it cost 10 renminbi.

An analogy can be drawn with "pound sterling" (the official name of the British currency) and "pound" - a denomination of the pound sterling. Something may cost £1 or £10. It would not be correct to say that it cost 10 sterling.