1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 2.8239 MXN (Mexican Peso). It is the official currency of Mexico. The MXN currency was initially based on Spain̢۪s official currency, which is the silver dollar. After gaining independence from Spain in 1821, Mexico continued to use the Peso as its currency. It is denoted by the symbol Mex$. The issue of the Mexican Peso (MXN) is controlled by the central bank, The Bank of Mexico. 1 MXN is subdivided into 100 Centavos.