CNY stands for Chinese Yuan, which is the official currency of the People’s Republic of China. The CNY is also known as the Renminbi (RMB), which means “people’s currency” in Chinese. The currency is abbreviated as “¥” and is subdivided into smaller units called fen. The currency is issued by the People’s Bank of China and is commonly used in China for transactions involving goods and services. The CNY is also becoming increasingly accepted in international markets due to the growing economic influence of China.