Yuan, << yoo AHN, >> is the monetary unit of China. In Taiwan, people refer to the New Taiwan dollar as a yuan. China uses the yuan as its basic unit of currency. It is divided into 10 chiao, each worth 10 fen. In 1914, China established the yuan as a silver coin with 23.4934 grams of pure silver. The yuan now circulates as paper money. The official name of the Chinese currency is the renminbi.
