The renminbi is the official currency of China (People's Republic of China). Renminbi is legal tender in mainland China, but not in Hong Kong, Taiwan, or Macau. It is issued by the People's Bank of China, the monetary authority of China. Its name means "people's currency". The primary unit of renminbi is the yuán (元). One yuan is subdivided into 10 jiǎo (角), which in turn is subdivided into 10 fēn (分).