China’s currency is called both the renminbi and the yuan by media in the western world. The reason for this is easy to understand. Renminbi is the name of the currency and yuan is the unit of measure. Just like the British sterling is the name of the currency and the pound is the unit of measure.
2. reduce China’s exposure to USD exchange rate volatility.
3. add RMB to reserve currency list and include in SDR basket.