The RMB, or Renminbi, is the official currency of the People's Republic of China. It is often symbolized by ¥ and is subdivided into smaller units called jiao and fen. The currency is issued by the People's Bank of China, which is the country's central bank. The RMB is used for domestic transactions within China and is increasingly being accepted in international trade. In recent years, it has gained prominence as a global currency, with efforts to promote its use in international markets and trade agreements, reflecting China's growing economic influence.