The currency referred to as RMB is the Chinese Yuan. The Renminbi (RMB) is the official currency of the People's Republic of China, and the principal unit of the RMB is called the Chinese Yuan (CNY)
. The RMB is the world's 5th most traded currency as of April 2022
. The currency symbol for the yuan unit is ¥, and when distinction from the Japanese yen is required, RMB or ¥ RMB is used
. The terms yuan and renminbi are often used interchangeably, with renminbi referring to the official currency and yuan representing the primary unit of the currency
. The Chinese yuan renminbi (CNY) is the official currency of the People's Republic of China
. As of November 25, 2023, 1 US Dollar is equivalent to 7.1368705 Chinese Yuan Renminbi
