Q & A:Money & Currency
- Useful information about Chinese currency and changing money
- May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?
- What credit cards are accepted in China?
- Which traveler's cheques are handled by the Bank of China?
- What effect does the revaluation of the Chinese currency (Renminbi) have on the cost of my trip?
1.Useful information about Chinese currency and changing money - Top
China's legal tender is the Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops will illegally accept foreign currency.
The basic unit of currency is yuan. 1 yuan (or kuai) =10 jiao (or mao). RMB is available in both paper notes and coins. The denominations of the paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao. coins occur in 1 yuan and 5 and 1 jiao. Hong Kong uses HK dollars.
Foreign currency may be converted into RMB at most banks and hotels at an exchange rate that changes on a daily basis.
Black market transactions 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 try to cheat on right amount or 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 which is used change RMB back to foreign currency when you leave the country. Banks in China will not accept foreign bank notes that are torn or have any marks or imperfections. It is wise to bring new notes or least those that are in very good condition.
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 centers 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 travelers checks.
The official exchange rate between the RMB and major foreign currencies changes on a daily basis.
2.May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency? - Top
General you need not take Chinese currency to China since you can easily exchange you US$ into Chinese Rmb in hotels and banks. However if you would like to have local currency upon your arrival in China, it is okay that you may take a volume of Chinese currency less than 20,000 Rmb without declaration at the customs. You are required to declare your import of Chinese currency exceeding 20,000 Rmb
3.What credit cards are accepted in China? - Top
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
4.Which traveler's cheques are handled by the Bank of China? - Top
Issued by Currencies
Thomas Cook USD HKD DEM FRF CAD
AUD JPY CHF GBP
International Payment Co. USD GBP CAD
American Express Co. USD DEM FRF
Citibank USD
Nanyang Commercial Bank USD HKD
Swiss Bank CHF
Bank of Tokyo JPY
Mitsui Bank JPY
Sumitomo Bank JPY
Fuji Bank JPY
If you have any problems, please contact the Bank of China, Beijing Branch (Tel: 63035128).
5.What effect does the revaluation of the Chinese currency (Renminbi) have on the cost of my trip? - Top
The Renminbi was revalued against the US Dollar and other currencies by about 2%. This means that these currencies are now worth approximately about 2% less when converted to the Chinese currency. The simple way to explain the effect is that the cost of your trip will be increased by about 2% and you will receive less money when you exchange foreign currencies for the Renminbi
