China's monetary unit, which in mid-1987 had an exchange rate of US$1 to -Y3. 72, or -Y1 to US$. 269. The yuan is divided into 100 fen, and 10 fen constitute 1 jiao. The currency is known as renminbi (RMB), meaning the people's currency. The inscription renminbi (or renminbiao) appears on bank notes as well as yuan, and the terms renminbi and yuan are used synonymously in quoting exchange rates. In transactions the terms are universally replaced by the word kuai (piece). Beginning in the early 1980s, the standard currency was paralleled by a special currency called Foreign Exchange Certificates, which were issued in exchange for "hard" foreign currencies.