What is the official name of the legal currency of the People's Republic of China?

Answer and explanation

Correct answer: A. Renminbi (CNY)

  1. Step 1: The official currency of China is the Renminbi ('People's Currency'), abbreviated as RMB, while the primary base unit of account is the Yuan.
  2. Step 2: Issued by the People's Bank of China, it was first introduced in December 1948 shortly before the establishment of the PRC.
Answer
Renminbi (CNY)
Why not the others: 'Hong Kong Dollar' is the separate legal tender issued in the Hong Kong Special Administrative Region; 'New Taiwan Dollar' is the official currency of Taiwan; 'Macanese Pataca' is the official currency of Macau.

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