• Renminbi is China’s official currency
• Yuan is a unit in the renminbi currency

Hence, it would be incorrect in Chinese to say something costs 100 renminbi – it should be 100 yuan instead. Just think of the pound vs. sterling.

However, most locals in China more commonly use the colloquial term of kuài (块) instead, which means “piece” – similar to “buck” and “quid”. So you can say “100 kuài”, which means “100 pieces of money”.

Here’s the full break down:

• 1 yuán (元) or 1 kuài (块) = 1 dollar
• 1 jiǎo (角) or 1 máo (毛) = 10 cents
• 1 fēn (分) = 1 cent