Question

What is Renminbi?

• A. It is the official currency of the People's Republic of China (PRC), whose principal unit is the Yuan.
• B. Low cost car being developed by Volkswagen in China, at prices lower than the Nano.
• C. New aircraft Company floated by Brazil to challenge Boeing and Airbus.
• D. New currency mooted for the entire ASEAN region like Euro for Europe.

Answer 1

The Correct Option is A

The Renminbi (RMB) is recognized as the official currency of the People's Republic of China (PRC). The basic monetary unit of the Renminbi is the Yuan. This currency plays a crucial role in China's economy and international trade. Despite being commonly referred to as the Yuan, Renminbi is the actual legal tender of China, while the Yuan is the primary unit of account. It is important to note the difference between these terms: Renminbi refers to the entire currency system, whereas Yuan denotes the specific unit.