The unit of currency in China is the renminbi (RMB), and its primary unit is the yuan, often abbreviated as CNY. The renminbi translates to "people's currency," and it was established in 1948 after the Chinese Civil War, replacing the previous currency. The yuan is subdivided into smaller units called jiao and fen. In recent years, the renminbi has gained international recognition and is increasingly used in global trade, leading to its inclusion in the International Monetary Fund's Special Drawing Rights basket. The currency plays a crucial role in China's economic growth and its integration into the global market.