The Chinese currency is Renminbi, issued by the state bank, the People's Bank of China. The standard unit of the Renminbi is yuan, with jiao and fen as subsidiary units. One yuan equals 10 jiao, and 1 jiao equals 10 fen. Yuan, jiao and fen are issued both in bills and coins. The Renminbi features the following denominations: 1, 2, 5, 10, 20, 50, and 100 yuan; 1, 2 and 5 jiao; and 1, 2 and 5 fen. The abbreviation for Renminbi is RMB•. Thus 1,234.56 yuan can be written as RMB• 1,234.56.