The currency used in China is the Renminbi (RMB), which translates to "People's Currency." However, it is often referred to by its primary unit, the yuan (CNY). The People's Bank of China is responsible for issuing and regulating the currency. As China's economy has grown to become one of the largest in the world, the yuan's importance in global trade has also increased. The Renminbi has undergone several reforms and has been included in the International Monetary Fund's basket of currencies known as Special Drawing Rights (SDRs). This inclusion signifies the currency's recognition and acceptance in international financial markets.