1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 2.3487 ZAR (South African Rand). South African Rand is the official currency of South Africa. The currency got its name from Witwatersrand, the ridge where most of South Africa's gold deposits were found and where Johannesburg was built. The ISO code of the currency is ZAR and the symbol is R. South Africa has extermely high unemployment rate and ranks poor for income inequality.