2408: Renminbi Jul 25, 2021

The currency of China is known as the Yuan, a name shared or associated with other currencies of East Asia, but actually this is not its official name. It is actually known as the Renminbi, abbreviated RMB, spelt as 人民币 in simplified Chinese; it means 'people's currency'. As such, a yuan only a basic unit of the renminbi despite that being the basis for the currency as a whole and not actually a subdivision, though it is divided by the fen and jiao. This distinction between the name of the currency and the currency itself is also seen in '(pound) sterling' and 'pound'. with the currency of the UK, though not for the same reason.