1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 0.1095 GIP (Gibraltar Pound). It is the official currency of Gibraltar. Gibraltar is a mountainous peninsula, a British overseas territory located on the south coast of Spain. 1 GIP (Gibraltar Pound) is divided into 100 Pennies. GIP is pegged to the British Pound at par. The issue of the currency in Gibraltar is controlled by the Government of Gibraltar.