1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 8.537 MKD (Macedonian Denar). It is the official currency of Macedonia, which is a country located in the central Balkan peninsula in Southeast Europe. It is one of the successor states of the former Yugoslavia, from which it declared independence in 1991. The MKD (Macedonian Denar) is subdivided into 100 Denis. The issue of the currency is controlled and monitored by the Central Bank of Macedonia, the National Bank of the Republic of Macedonia. The currency MKD was introduced on April 26, 1992 to replace the Yugoslav Dinar at par.