The communist party established the People’s Bank of China and issued the first RMB in 1948, about a year before it defeated the Kuomintang government. Renminbi is the official currency of the People's Republic of China and means "people's currency" in Mandarin. To explain the difference between yuan and renminbi is drawn from the British pound sterling vs. the pound.
Each yuan is divided into 100 fen, or 10 jiao, with early coinage from the PRC consisting principally of aluminum 1, 2, and 5 fen pieces. These coins continue to be issued for limited usage today.
Older Chinese coins have the emblem of Tian'anmen's "Gate of Heavenly Peace", known as the gate to the forbidden city with 5 stars. The latest coins have symbols of lotus, orchids, and Chrysanthemums.
