The Chinese yuan (CNY) is the official currency of China, divided into 10 jiao and 100 fen. It is a major global reserve currency issued by the People's Bank of China. The current yuan was introduced in 1948, replacing the old version, and was revalued in 1955 at a rate of 1 new yuan to 10,000 old yuan. Coins were introduced in 1953 as fen, and later as jiao in 1980. The yuan peaked at 1.50 per US dollar but was devalued in the 1980s. The fifth series of banknotes features Mao Zedong's portrait.