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 currency is issued by the People's Bank of China, which is the country's central bank. The primary unit of the renminbi is the yuan, which is commonly used in everyday transactions. The renminbi is important in global trade and finance, as it is increasingly used in international markets. In recent years, the Chinese government has promoted the use of the renminbi for trade settlements and investments worldwide.