The People's Republic of China's official currency is the Chinese yuan. In there Meridian language they called as renminbi means name of the currency in China, where the yuan is the unit of currency. The primary unit of account in China is still called “yuan” even though it has been renamed as renminbi. There are 10 jiao to a yuan and 10 fen to a jiao. Banknotes come in denominations from 100 to 1,000 yuan; coins are available from 1 fen to 2 yuan.The People’s Bank Of China (PBC) sets CNY exchange rates against other currencies on a regular basis. In 2016, PBC set CNY reference rate at 6.9467 against USD and 7.0114 against EURO ."CNY floats within certain ranges versus other currencies but does not have an independent float as USD or EURO do currently."