The renminbi is the official currency of the People's Republic of China. The name (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: renminbi) rénmínbì literally means'people s.. currencyn Chinese texts the currency may also be indicated with the Chinese character for the yuan, 圆 (or 元 in informal Chinese). The renminbi is legal tender in mainland China, but not in Hong Kong or Macau.