The renminbi is the official currency of the People's Republic of China, and translates to “people's money.” Sometimes you might see the terms “renminbi” and “yuan” used interchangeably. Renminbi is the official name of the currency while the yuan is a unit of the currency.

ChinesePinyinDefinition and Usage
钱 (錢) qián money (general term)
人民币 (人民幣)rén mín bì Renminbi "people's currency" (abbr. RMB)
块 (塊)kuài ¥ (an informal colloquial term, like "quid" or "buck")
元 (圓)yuán ¥ yuan, main unit of currency; eg. just as 1 dollar = 100 cents ==> 1 yuan = 100 fen (Chinese: 分)
fēn 0.01 yuan
máo0.10 yuan (informal)
jiāo0.10 yuan