Encyclopedia > Renminbi

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The renminbi (人民幣 literally means "people's currency") is the official currency of the People's Republic of China. The official ISO 4217 abbreviation is CNY. The currency symbol is ¥.

It is issued by People's Bank of China, the monetary authority of mainland China. The currency is currently convertible on current accounts but not capital accounts, and currency policy has been to informally peg the value of the renminbi against the value of the United States dollar.

Its base unit is yuan. yuan is casually written as 元. It is formally written as 圆 to prevent counterfeiting. 1 yuan is divided into 10 jiao (角). 1 jiao is divided into 10 fen (分). The largest denomination of renminbi is 100 yuan. The smallest is 1 fen.

In Mandarin, yuan is also commonly called kuai (块). jiao is also commonly called mao (毛).

Very often, the formal numerals characters are used in writing to prevent counterfeiting. Please refer to Chinese numerals for more information.

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