The Chinese currency is called Renminbi (People's money), often
abbreviated as RMB. Issued by the People's Bank of China, it is the
sole legal tender for both the Chinese nationals and foreign
tourists. The unit of Renminbi is yuan and the smaller, jiao and
fen. The conversion among the three is: 1 yuan = 10 jiao =100 fen.
Chinese people normally refer to Yuan as Kuai, Jiao as Mao. 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.
Although foreign currency cannot be circulated within the
People's Republic of China or used to determine the price and
settle accounts, it can be exchanged in China through traveler's
cheques, currency conversion at banks and hotels. Besides, many
credit cards can also be used in China. What follows is a more
detailed explanation.
Traveler's Cheques
Traveler's cheques provide a fairly secure way of carrying
money. The Bank of China can cash travelers' cheques sold by
international commercial banks and travelers' cheque companies in
the United States, Canada, Australia, Hong Kong, Japan, Britain,
France, Switzerland, Germany and other countries and regions. Also
the Bank of China sells travelers' cheques for such banks as
American Express, Citibank, Tongjilong Travelers' Cheque Co., the
Sumitomo Bank of Japan, the Swiss Banking Corporation and
others.
Currency Conversion
Money exchange facilities for both currency and travelers'
cheques are available at major airports, hotels, and department
stores. Please note that hotels may only exchange money for their
guests. The US dollar, British pound, French franc, German mark,
Japanese yen, Australian dollar, Austrian schilling, Belgian franc,
Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore
dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish
markka, and Taiwan dollar are all exchangeable. Exchange rates
fluctuate in line with international financial market conditions
and are published daily by the State Exchange Control
Administration.
Keep your currency exchange receipts, because you will need to
show them when you change RMB back to your own currency at the end
of your visit to China. Currency rather than credit cards is
essential in remote areas, and you should ensure that you carry
sufficient RMB and travelers' cheques to cover your
requirements.
Credit Cards
At present, the following credit cards are accepted in China:
Master Card, Federal Card, Visa, American Express, JCB and Diners
Card. Holders can draw cash from the Bank of China and pay for
purchases at exchange centers of the Bank of China, appointed
shops, hotels and restaurants. However, this applies only in major
cities. Credit cards are not always accepted for the purchase of
rail and air tickets. ATMs that accept foreign cards are few and
far between. Do not rely on them as a way of obtaining cash in
Mainland China.
Consult with your bank before departing to make sure that your
brand of cheque 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 the
amount must be declared to the customs.
For more information, please click Exchange Rate.
(China.org.cn, June 12, 2002)
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