Chinese Yuan is the official currency of China that is used as legal tender in the country. It is also known as the Renminbi (RMB) which literally means "people's currency." The Chinese Yuan is subdivided into 10 jiao or 100 fen. In the international financial markets, the Chinese currency can be referred to as CNH to distinguish it from the onshore version traded in Mainland China, which is CNY. Some other synonyms for Chinese Yuan include Yuan, Chinese currency, and China's unit of currency. It is also commonly abbreviated as ¥ and is the ninth most traded currency in the world.