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.
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.