The Yuan is the official currency of the People's Republic of China. It is abbreviated as CNY, which stands for Chinese Yuan, and is often represented by the symbol ¥. The Yuan is subdivided into smaller units called jiao and fen. The currency is issued by the People's Bank of China and plays a significant role in global trade and finance. The Yuan has undergone various reforms since its introduction, particularly in the 20th century. In recent years, it has gained prominence as a global reserve currency, reflecting China's growing economic influence. The currency is also used in international transactions, and its value is influenced by factors such as government policy and market demand.