What is the currency of China?

The correct answer is Renminbi.

• Renminbi (RMB) is the official currency of the People's Republic of China. The term Renminbi means "People's Currency."
• The Yuan (CNY) is the basic unit (unit of account) of the Renminbi. In everyday transactions, people usually refer to the currency as the Yuan.
• The People's Bank of China (PBOC) is responsible for issuing and managing the Renminbi.
• The currency symbol is ¥, while the international currency code is CNY (Chinese Yuan). RMB refers to the currency system as a whole.
• The Renminbi is one of the world's major reserve currencies and was included in the International Monetary Fund (IMF) Special Drawing Rights (SDR) basket in 2016, alongside the US Dollar, Euro, Japanese Yen, and British Pound.
• It is officially used in Mainland China. Hong Kong uses the Hong Kong Dollar (HKD) and Taiwan uses the New Taiwan Dollar (TWD), although the RMB may be accepted in some limited cross-border transactions.
• China follows a managed floating exchange rate system, where the value of the Renminbi is closely managed by the People's Bank of China with reference to a basket of currencies. It is not strictly pegged to the US Dollar.