The state bank, the People's Bank of China, issues the Chinese currency, known as Renminbi (RMB).
Known to people worldwide as Renminbi (RMB), many people in China also use "yuan" or "kuai" to denote RMB. The standard unit of the Renminbi is "yuan/kuai", with "jiao/mao" and "fen" as the subsidiary units.
For example:
1 Fen = 1 cent RMB
1 Jiao / Mao = 10 cents RMB
1 RMB / Kuai / Yuan = 1 dollar RMB
(or 1 yuan = 10 jiao = 100 fen)
Renminbi features the following denominations: one, two, five, ten, twenty, fifty and a hundred yuan; one, two, and five jiao; and one, two and five fen. Yuan, jiao and fen are issued in the form of both bills and coins.
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Foreign Currency Conversion |
Conversion services are available in China for the following foreign currencies: US Dollar, British Pound Sterling, French Franc, Deutsche Mark, Japanese Yen, Australian Dollar, Austrian Schilling, Belgian Franc, Canadian Dollar, Hong Kong Dollar, New Taiwan Dollar, Swiss Franc, Danish Krone, Guilder (or Florin), Norwegian Krone, Swedish Krone, Singapore Dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, and Finnish Markka.
The Chinese bank handles conversion of the above-mentioned foreign currencies into Renminbi or vice versa. For the convenience of travelers, some hotels, restaurants and stores in China also handle the conversion of foreign cash into Renminbi.
A foreign traveler may convert unused Renminbi back into foreign cash. To take the foreign cash out upon exit from China, the traveler must show the foreign currency conversion receipt (which allows for a six months grace period) during time of departure. The exportation from China of RMB (Chinese currency) in cash is prohibited.
Different conversion rates are applied under different circumstances. Buying prices are applied for the conversion of traveller's cheques, credit cards and remittances; selling prices are applied for the conversion of Renminbi into foreign currencies (cash included); and buying prices are used for the conversion of foreign cash into Renminbi.
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Currently, the following foreign credit cards are accepted in China:
• Master
• Visa
• American Express
• JCB
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