The Chinese currency is composed of two terms: Renminbi (RMB) and Yuan (CNY). Renminbi is the official currency of China and is issued by the People's Bank of China. It is the primary unit of account in China and is also used in Hong Kong, Macau, and other countries. Yuan is the basic unit of the Renminbi and is divided into 10 jiao and 100 fen. The Renminbi has been in circulation since 1948 and is the most widely used currency in China. The Yuan is the most commonly used denomination of the Renminbi and is accepted in many countries around the world.