Renminbi (RMB)

The Renminbi (RMB), meaning "the people's currency," is the official currency of the People's Republic of China, issued and controlled by the People's Bank of China (PBOC), with the primary unit of account being the Yuan (CNY). The RMB's value is managed through a tightly controlled, daily-set central parity rate against a basket of foreign currencies, reflecting China's gradual, state-controlled approach to financial liberalization and its growing role in global trade and finance.