Chinese currency is called Renminbi
(people's money), often abbreviated as RMB. It is issued by The
People’s Bank of China and it is the sole legal tender within the
People's Republic of China. The symbol for RMB is￥. The unit of
Renminbi is called Yuan and with smaller denominations are called
jiao and fen. The conversion among the three is as follows:
1 Yuan = 10 Jiao =100 Fen
RMB is issued both in notes and coins. The denominations of paper
notes include 100, 50, 20, 10, 5, 2 and 1 Yuan; 5, 2 and 1 Jiao;
and 5, 2 and 1 Fen. The denominations of coins are 1 Yuan, 5, 2
and 1 Jiao; and 5, 2 and 1 Fen.
Note: in spoken Chinese, Yuan is often called as Kuai and the Jiao
Traveler’s checks issued by main international banks are accepted
in China. They can be cashed in the Bank of China.
Foreign currency exchange
Money exchange facilities for both currency and travelers' checks
are available at major airports, hotels, and department stores authorized
by government. Please note that hotels may only exchange money for
their guests. Main foreign currency such as British Pound, USD,
Euro, Japanese Yen, Australian Dollar, Danish Krone, and Singapore
dollar, Malaysian Ringgit, HK Dollar and Canadian Dollar can be
easily changed in China. The exchange rates are fluctuated along
with the international financial market and they are published daily
by the State Exchange Control Administration. But the exchange rate
is the same in every bank in China at the same time. When you change
money you should keep the receipt because you need the receipt when
you want to change your surplus Chinese money back to your own currency
at the end of the trip.
Credit Card and ATM
At present, the following
credit cards are accepted in China: Master Card, Visa, American
Express, JCB, and Diners Card. Cardholders can withdraw cash from
the Bank of China. They can use the credit card in big department
stores hotels and a lot of big restaurants in big cities. But in
the remote area, it is better for you to use cash. Usually credit
cards are not always accepted for the purchase of railway and air
There are a lot of ATMs in big cities that can accept foreign credit
cards, but not in small cities.
Consult with your bank before departing to make sure that your brand
of check or credit card will be accepted.
There is no limit on the amount of foreign currency and foreign
exchange bills that can be brought into China by tourists, but it
must be declared to the customs. In the main land of China, only
Chinese currency can be used. You should go to the official appointed
banks to change money. Personal deal of exchanging money is illegal
in China. Each tourist is permitted to take Chinese currency less
than 6000 RMB out of China.