RMB stands for Renminbi, which is the official currency of the People's Republic of China. It is abbreviated as RMB or CNY (Chinese Yuan) and is used as a medium of exchange throughout China.
One Renminbi is divided into 100 fen, and Renminbi banknotes and coins are available in a range of denominations. The value of the Renminbi is determined by the foreign exchange market and is not pegged to any other currency.
In terms of its role as a unit of money, the Renminbi serves the same basic functions as any other currency. It is used to buy and sell goods and services, to save and invest, and to facilitate financial transactions.
The Renminbi is widely accepted as a means of payment in China and is also used in a number of other countries that have close economic ties with China. In recent years, the Renminbi has gained increasing international recognition and is now used as a reserve currency by a number of central banks around the world.
