The Chinese yuan is a unit of Chinese currency that is frequently used to refer to the currency, as a whole. However, the actual official currency of China is the renminbi (RMB). One Chinese yuan breaks down into 10 jiao, which breaks down into 10 fen. Until quite recently, 2005 in fact, the renminbi was pegged to the USD. However, China went to a market economy and needed to devalue its currency to remain competitive in the global market. This has led to an extended period of rapid GDP growth for the country, and an increase in manufacturing.