Renminbi (RMB)

The Renminbi (RMB), also known as the Chinese yuan, is the official currency used in China. It functions as a medium of exchange for goods and services, similar to the dollar or euro. The term "Renminbi" means "People's Currency," and the currency code for the yuan is CNY. The symbol ¥ is often used to represent the yuan. The RMB is issued and regulated by China's central bank, the People's Bank of China. It plays a crucial role in China’s economy and is also increasingly used in international trade and finance.