Watch out: Yuan plunge is possible, warn analysts China has no plan to devalue, but this may be out of its control Shutterstock/Bildagentur Zoonar GmbHThe Chinese character for “yuan.” The unit is also known as the “renminbi,” which means “the people’s currency.”When it comes to China’s currency, consensus opinion is typically formed around what the government tells us. When it says the yuan will not be devalued, it means it. Betting against the stated policy of Beijing or its central bank has rarely been a profitable move.