Why China’s currency has two names

China has indicated that it will allow its currency to appreciate – following months of pressure from the US. Some refer to the currency as the yuan, others call it the renminbi. Who is right?

Both names are perfectly good, but in slightly different ways. “Renminbi” is the official name of the currency introduced by the Communist People’s Republic of China at the time of its foundation in 1949. It means “the people’s currency”. Source