The Chinese Yuan (CNY), also known as the Renminbi (RMB), is the official currency of the People's Republic of China. It is issued by the People's Bank of China and is used for all domestic transactions. The currency symbol for the Yuan is ¥, and it is subdivided into smaller units called jiao and fen. The Yuan is an important currency in global trade and finance, reflecting China's significant role in the world economy. In recent years, the Chinese government has taken steps to internationalize the Yuan, allowing it to be used more widely in international transactions and trade agreements, thereby increasing its influence on the global stage.