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Tips:Chinese Currency

2015-12-29 10:18:02Share:

  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 as Mao.


  Traveler's check


  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 tickets.


  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.


  Currency Regulations


  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.

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