The Chinese yuan, also known as the renminbi (RMB), is the official currency of the People's Republic of China. It is abbreviated as CNY and is symbolized by ¥. The yuan is used for all domestic transactions and is an important part of China's economy, which is one of the largest in the world. The People's Bank of China is responsible for issuing and regulating the yuan. Over the years, the yuan has gained international recognition, and it is increasingly used in global trade and finance. In 2016, it was included in the International Monetary Fund's Special Drawing Rights basket, highlighting its growing importance in the global economy.