Useful information about Chinese currency and changing money
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.
- Updated: 2007-12-28 3:01:00
