Renminbi, the Chinese currency, is issued by the state bank, the People's Bank of China. The standard unit of the Renminbi is yuan, with jiao and fen as the subsidiary units. Thus one yuan equals ten jiao and one jiao equals ten fen. Yuan, jiao and fen are issued both in bills of exchange and coins. Renminbi features the following denominations: one, two, five, ten, fifty and a hundred yuan; one, two, and five jiao; and one, two and five fen. The abbreviation for Renminbi is RMB. Exchange rate (year of 2002) is roughly: USD $1 = RMB£¤8.3 yuan.