The Chinese currency is called the Renminbi, which is abbreviated as RMB. The name Renminbi translates to "people's currency" in English, and it was first introduced in 1949 by the government of the People's Republic of China.
The reason why it's called Renminbi is that it is intended to be a currency for the Chinese people and reflects the idea that the Chinese government is working to improve the lives of its citizens. The name "Renminbi" is intended to symbolize the relationship between the Chinese government and the Chinese people.
It's also worth noting that in China, there are two forms of RMB, the physical currency and the digital one, the physical currency is called "cash RMB" or "Banknotes RMB" , and the digital one is called "e-RMB". The difference is that you can only use the cash RMB for physical transactions, while the e-RMB is used in digital transactions and can only be stored in electronic form, like mobile wallets.
China has been trying to promote the use of e-RMB as a way to encourage the development of digital economy in the country and with the rise of mobile payments like Alipay, and WeChat Pay, the use of e-RMB is becoming increasingly common.
