What currency did China introduce in 1948?

China introduced the renminbi in 1948.

The People’s Bank of China issued the first renminbi banknotes in December 1948, shortly before the founding of the People’s Republic of China in 1949. The name renminbi means “people’s currency,” while yuan is the principal unit of that currency. Thus, renminbi is the currency’s official name, and yuan is its basic unit in everyday use.

The renminbi replaced several currencies circulating in areas controlled by the Communist Party, helping create a unified monetary system after years of war and inflation. Its ISO code is CNY, and the symbol ¥ is also used for the yuan.

The renminbi is managed by the People’s Bank of China. It is not the same currency as Japan’s yen, even though both the Chinese yuan and Japanese yen use related historical characters and the same ¥ symbol in many contexts.