The yuan ( or ; sign: ¥; ; ) is the base unit of a number of former and present-day Chinese currencies, and usually refers to the primary unit of account of the renminbi, the currency of the People’s Republic of China. It is also used as a synonym of that currency, especially in international contexts – the ISO 4217 standard code for renminbi is CNY, an abbreviation of “Chinese yuan”. (A similar case is the use of the terms sterling and pound to designate the British currency and unit.) A yuan () is also known colloquially as a kuai (; originally a lump of silver). One yuan is divided into 10 jiao () or colloquially mao ( “feather”). One jiao is divided into 10 fen (). The symbol for the yuan (元) is also used in Chinese to refer to the currency units of Japan and Korea, and is used to translate the currency unit dollar as well as some other currencies; for example, the US dollar is called Meiyuan () in Chinese, and the euro is called Ouyuan (). When used in English in the context of the modern foreign exchange market, the Chinese yuan (CNY) refers to the renminbi (RMB) which is the official currency used in mainland China.

Leave a Reply