In China, the official currency is called (人民币) ren min bi (literally, “the people’s money”), and the (元) yuan, is the basic unit of ren min bi. You’ll typically see the 元Chinese character in stores or on signs to refer to the cost, but when you pay, people typically call the (元) yuan (块) kuai. So basically, 1 yuan = 1 kuai. To further break it down, 1 (元) yuan is equivalent to 10 (角) jiao or (毛) mao. To simplify: one unit, several names. It can even be abbreviated in several ways: RMB and ¥. Otherwise, the system is fairly simple.