Devaluation of the Chinese currency is currently a regular item in news broadcasts. But what is its proper name?
The “renminbi” is the official name for the Chinese currency of the People’s Republic of China and means “people’s currency”.
The “yuan” is the basic unit of the renminbi but is used to refer to the Chinese currency generally.
The distinction between the two terms is similar to that between “sterling” and “the pound” – respectively the British currency and its primary unit.
Source: Wikipedia