The Chinese yuan renminbi (simplified Chinese: 人民币), or CNY, which means ‘people's currency’, is the official currency of the People's Republic of China. The term ‘renminbi’ refers to the name of the currency while ‘yuan’ refers to the basic unit of the Chinese currency. The symbol of the renminbi is ¥. As it is shared with the Japanese yen (JPY), CN¥ is sometimes used to distinguish the Chinese yuan renminbi from the yen.
The renminbi, introduced in 1948, is abbreviated as RMB but it is not an official currency code. Markets located in Hong Kong that trade the Chinese currency at free-floating rates use another unofficial code - CNH. The RMB acts as one of the most-held reserve currencies in the world, while being the eighth most-traded currency globally.
One yuan (Chinese: 元) is divided into ten jiao (Chinese: 角) and one jiao can be further divided into 10 fen (Chinese: 分). The notes of China’s currency are issued by China's central bank, the People's Bank of China (PBOC), in 10 denominations: ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50 and ¥100. The renminbi coins come in 6 denominations: ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5 and ¥1.