RMB
Business & Finance abbreviation · Currency
| Stands for | Renminbi |
|---|---|
| Categories | Business & Finance |
RMB stands for Renminbi, a currency abbreviation.
The name of China's currency, from Mandarin renminbi, "people's currency", widely used as an abbreviation in contracts, price lists and news reports. RMB and CNY refer to the same money: renminbi is the currency and yuan is the unit.
Example: The contract price is RMB 1.2 million, payable in two installments.
Usage notes
RMB is not an ISO code, so banks and forex systems use CNY (onshore) or CNH (offshore). The People's Bank of China first issued renminbi in December 1948, shortly before the founding of the People's Republic. The relationship is often compared to sterling and the pound: one names the currency, the other its unit.