What is a yuan?

The yuan, also known as the Renminbi (RMB), is the official currency of China. It is abbreviated as CNY or RMB, and its symbol is ¥. Yuan is the basic unit of the currency, with one yuan being equivalent to ten jiao and one jiao being equivalent to ten fen.

The yuan was introduced in 1948 when the People's Bank of China was established. It has undergone several changes over the years, with the most significant one happening in 1994 when China adopted a dual exchange rate system. In 2005, China revalued its currency to a fixed exchange rate with the USD, which allowed it to appreciate gradually.

Today, the yuan is one of the most important currencies in the world, and China is the second-largest economy after the United States. The yuan's value is closely monitored and influenced by the Chinese government, which regulates its exchange rate and implements policies to maintain its stability. The international use of the yuan is also increasing, with more and more countries adding it to their foreign exchange reserves.