Currency
The Chinese currency is the Renminbi
(RMB) or people's money. The basic unit is the YUAN which
is divided into 10 JIAO and the JIAO is again divided into
10 FEN issued in bills and coins. The bill denominations are
100, 50, 10, 5, 2 and 1 yuan but be careful not to confuse
the lesser bills of one, two and five jiao. They are issued
by the People's Bank of China.
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Credit Cards
Cash is most common in China with little credit
card usage, except for major hotels that readily accepted
credit cards from Visa, Master Card, American Express, JCB
and Diners Club.
Cash advances on credit cards may be processed
at main Bank of China branches in major cities but may incur
the 4% commission charge. |
Changing Money: Traveler's
Check and Foreign Currency
Traveler's checks and foreign currency
can be changed upon arrival at international airports, banks
and major hotels. Traveler's checks generally receive a
higher rate than cash. It is best to carry traveler's checks
issued from major agencies, such as Thomas Cook, American
Express or Citibank.
It is not necessary to shop around because
the exchange rate is set by the government. American, British,
Australian, Canadian, Japanese and most western European
currencies are exchangeable in the city but it is suggested
to bring enough RMB with you when traveling to more remote
areas.
It is necessary to retain your exchange receipts
if you want to change RMB back to your own currency before
leaving China but yuan can be exchanged in Hong Kong without
receipts. |