yuans

Yuans are the plural form commonly used in English to refer to multiple units of the yuan, the base unit of China’s currency system. The yuan, also known as renminbi (RMB), is the official currency of the People’s Republic of China. It is issued by the People’s Bank of China (the central bank). The international currency code is CNY, and the symbol used in China is often the yuan sign ¥, which is the same symbol used for other currencies in East Asia.

One yuan is subdivided into ten jiao, and one jiao into ten fen. In daily life, fen coins are rarely used and prices are often rounded to the nearest jiao or yuan. Banknotes and coins come in various denominations, with the yuan as the main unit for pricing and transactions.

Etymology and naming: yuan (元) means “origin” or “round” in Chinese. The broader monetary system is called renminbi (人民币), meaning “people’s currency,” with yuan as the unit of account.

Policy and issuance: The yuan is managed by the People’s Bank of China. Since 2005 China has operated a managed float exchange-rate regime, moving away from a fixed peg to a more flexible system with a daily reference rate and a controlled trading band. The currency’s value has fluctuated within policy parameters as China integrated more with global financial markets.

International role: The yuan is now one of the world’s major currencies, increasingly used in trade invoicing, cross-border settlement, and investment. Offshore yuan markets exist in Hong Kong, Shanghai, Singapore, London, and other financial centers. In 2016, the yuan was added to the IMF’s Special Drawing Rights basket, reflecting its growing role in the global economy.