Ren Min Bi
The renminbi (; currency symbol, symbol: ¥; ISO 4217, ISO code: CNY; abbreviation: RMB) is the official currency of the China, People's Republic of China and one of the world's most traded currencies, ranking as the fifth Template:Most traded currencies, most traded currency in the world as of April 2022. The Yuan (currency), yuan ( or ) 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 is divided into 10 Jiao (currency), jiao (), and the jiao is further subdivided into 10 Fen (currency), fen (). The renminbi is issued by the People's Bank of China, the Central bank, monetary authority of China. Valuation Until 2005, the value of the renminbi was Fixed exchange-rate system, pegged to the United States dollar, US dollar. As China pursued its Chinese economic reform, transition from planned economy, central planning to a market economy and increased its participation in foreig ...
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