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  Money & Currency

Editor:baisha   Organization:GuangXi Shelton China Travel Inof Co. Ltd.   Edited Date:2004-11-2 15:31:31  Visitors:4719   

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The local currency in China is called Renminbi (RMB), or 'People's Money'. Formally, the basic unit of RMB is the yuan, which is divided into 10 jiao, which is again divided into 10 fen. Colloquially, the yuan is referred to as kuai and jiao as mao. The fen has little value and is rarely used. US$1 is about Y6.8.  We recommend that you bring your credit card, travelers cheques as well as cash. Most hotels and shops in big cities accept major credit cards. You can change your travelers cheques into local money at the hotel exchange counter or the Bank of China; the exchange rate is a bit higher than using cash. Personal checks are not accepted. In Hong Kong, the local currency is in Hong Kong dollar. US$1 is about HK$5.8. Please note the exchange rates and information provided here is for your reference only, and could change. For details, please read the following questions and answers.

FAQs about Money:

1. How about money?

2. What credit cards are accepted in China?

3. May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?

4. Which traveler's cheques are handled by the Bank of China?


1. How about the money?
China's legal tender is Renminbi (RMB). Foreign currencies can not be directly used  in China, though some shops illegally accept foreign currencies.
  The basic unit of RMB is yuan. 1 yuan (or kuai) =10 jiao (or mao), and 1 jiao = 10 fen. RMB is available in both paper notes and coins. The denominations of paper notes are 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. The symbol of RMB is Y. Hong Kong uses HK dollars.
  Foreign currencies may be converted into RMB at all banks, bank branches or hotels at the exchange rate quoted on the foreign exchange marker on the day.
  The black market in foreign currency is forbidden in China. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be extremely careful. The exchange rate may be attractive--higher than the bank rate--but it is illegal and you risk being cheated. Sometimes these people don't give you the right amount, since you don't have time to count the money or, even worse, they may give you fake notes or a bundle of plain paper with a few notes on the top.
  When you exchange money at the banks, you should ask for a certificate, with which you can change RMB back to foreign currency when you leave the country.

  The Bank of China is the bank which specializes in handing credit cards issued in foreign countries. They include Visa, MasterCard, Diner's Card, American Express, JCB, Million Card and Federal Card.

  These cards can be used at major hotels and shopping centres where the Bank of China has branches. In the event that you lose your card, you should report to one of the branches of the Bank of China and apply for a replacement.

  The Bank of China has an agreement with foreign financial organizations on selling, cashing in and compensating for traveler's cheques.

  Keep the receipt of the transaction as you might need it when you leave China to change your US dollars back at the  Bank of China at the airport.

2. What credit cards are accepted in China? -
  Most of the internationally accepted credit cards are usable in China. They include: Visa, MasterCard, American Express, Diner's Club, and the JCB card of Japan.

  Credit cards are accepted only in large shopping malls and stores. Credit card symbols are displayed in the visible place in shops and hotels indicating credit cards are accepted.

3. May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?
  Generally you need not take Chinese currency into China since you can easily exchange your US$'s into Chinese RMB in hotels and banks. However, if you would like to have local currency upon your arrival in China, you may take upto 6,000 RMB without making declaration at customs. You are required to declare your import of Chinese currency exceeding 6,000 RMB.

4. Which traveler's cheques are handled by the Bank of China?

If you have any problems, please contact the  NOTC-Shelton China Travel Online (Tel:   0086 771 5623706  0086 771 5623325   Shelton  ).

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