The official currency of China is the yuan, often denoted using the symbol ¥ or with the abbreviation CNY (Chinese Yuan Renminbi). The yuan is used for all transactions within the country and functions similarly to other currencies in terms of value and exchange. China's economic growth has increased the yuan's significance in global markets, and it is now considered one of the major currencies worldwide. Additionally, the People's Bank of China regulates the currency and implements monetary policies to maintain stability and promote economic development. The yuan's exchange rate can fluctuate based on various economic factors.