The Chinese Yuan also known as renminbi is the official currency of the People's Republic of China. It is abbreviated as RMB or represented by the symbol ¥. The yuan is made up of 10 jiao, and the jiao is made up of 10 fen. The relationship between the term renminbi and yuan is similar to that of the sterling and the pound in the UK. It's correct to say that something costs 5 or 10 yuan, but it wouldn't be right to say it costs 5 or 10 renminbi.
The Chinese Yuan has a distinct feature, in that it has an off-shore and an onshore market. The offshore yuan, CNH is allowed to trade freely on foreign currency markets while the onshore yuan, CNY is controlled tightly by the Chinese central bank (the People's Bank of China). Chinese Yuan ranks as the fifth most traded currency in the world which has seen it be included in IMF's special drawing rights basket, alongside other currencies like the US dollar, British pound, the euro and the Japanese Yen. It is regulated by the People's Bank of China (PBOC) which prints and issues banknotes of 1, 5, 10, 20, 50, 100 denominations and 1 yuan coins.
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