The Renminbi (RMB) is the official currency of the People's Republic of China. It is often symbolized by the sign ¥ and is subdivided into smaller units called jiao and fen. The primary unit of the Renminbi is the yuan, which is commonly used in everyday transactions. The currency is managed by the People's Bank of China, the country's central bank. The Renminbi is used both domestically and internationally, with increasing acceptance in global trade. In recent years, it has gained prominence as a reserve currency, reflecting China's growing economic influence. The currency's exchange rate is influenced by various factors, including government policies and market demand.