The currency used in China is the Renminbi (RMB), with its primary unit being the yuan (CNY). Introduced officially in 1948, the Renminbi was developed to replace various local currencies and has since played a crucial role in China's economy. The People's Bank of China is responsible for issuing and regulating the currency. The yuan is subdivided into smaller units called jiao and fen. Over recent years, the Chinese yuan has gained prominence in international trade and finance, increasingly being used as a reserve currency by countries around the world.