What Type of Money Is Used in China?

What Type of Money Is Used in China?

What Type of Money Is Used in China?

Chinese currency is called "renminbi," which means "people's currency." Renminbi can also be called "yuan" or "kuai" in Chinese. The meaning of "yuan" is "dollar," and "kuai" is a local word for "yuan." The abbreviation for renminbi is RMB, and the abbreviation for yuan is CNY.

China has been criticized by the United States for manipulating the value of the yuan. By preventing the value of the yuan from rising, the Chinese government is able to maintain a trade surplus through a high volume of exports. China argues its currency practices are to maintain the local economy, not gain an economic advantage over other countries.