Renminbi is the official name of the currency, as designated by the Chinese government. It literally means "people's money" in Mandarin Chinese. Yuan is a unit of currency within the renminbi system. One renminbi is equal to 10 jiao, or 100 fen.
So, while renminbi is the official name of the currency, yuan is the more commonly used term for the unit of currency. When you see the symbol ¥, it can be used to represent either renminbi or yuan, depending on the context.
Here is a table summarizing the key differences between renminbi and yuan:
| Term | Definition |
|---|---|
| Renminbi (RMB) | The official name of the currency of the People's Republic of China |
| Yuan | A unit of currency within the renminbi system. One renminbi is equal to 10 jiao, or 100 fen |
In conclusion, renminbi is the official name of the Chinese currency, while yuan is the more commonly used term for the unit of currency.