What is renminbi? How to use in English

The term "renminbi" (人民币) is the official currency of the People's Republic of China, and its name literally translates to "people's currency" in Mandarin. The word "renminbi" combines two Chinese characters: "renmin" (人民), meaning "people" or "citizens," and "bi" (币), meaning "currency" or "money". The name reflects the socialist ideology of the Chinese government, which aims to serve the needs of the majority of the people as opposed to the minority elite. The renminbi has been gradually transformed into a major global currency due to China's growing economic influence and the internationalization of its economy. As of 2021, the renminbi is the sixth most traded currency in the world, surpassing popular currencies like the South Korean won and the Australian dollar.