About the Renminbi (yaun) The Renminbi is the official currency
of the People's Republic of China. However, it is more commonly
known by its primary unit, the yuan. Renminbi is a decimalized
currency system with subunits in tenths called jiao and subunits
in hundredths called fen. Although Hong Kong and Macau are
politically parts of China, these two locations use a separate
currency. Therefore, the Renminbi is not legal tender in Hong
Kong and Macau. The Renminbi is issued and managed by the
People's Bank of China, which was established in 1948. It
remained the only legal bank in the country until 1978. The
renminbi was introduced in the same year the People's Bank was
founded. After introduction, the currency maintained its value
by being pegged to the US dollar, but as China progressed to a
free-market economy, it was devalued on several occasions in an
attempt to increase China's industries. Today, many economists
and international financial experts claim that the exchange rate
of the Renminbi is underval