I don't buy the argument that China was ceding any power in this move. Just because the RMB moved in the direction that global markets would like it to doesn't mean that the CCP would do otherwise if they felt the need. IMO they are not interested in liberalizing their economy to the extent that they lose control, but are happy to be mistaken as doing so.
The renminbi? Never heard of it. [The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts. The distinction between the terms "renminbi" and "yuan" is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit.[citation needed] One yuan is subdivided into 10 jiǎo , and a jiǎo in turn is subdivided into 10 fēn.](https://en.wikipedia.org/wiki/Renminbi)