Traveling in a foreign country, you will face some detailed problems, for example the money matters. When traveling in China, you may need to know the following five aspects about money in China, which will help you a lot.
RMB
Chinese currency is called Renminbi (people's money), often abbreviated as RMB. It is issued by The Bank of China and is the sole legal tender within the People's Republic of China.
The unit of Renminbi is a yuan and with smaller denominations called jiao and fen. The conversion among the three is:
1 yuan = 10 jiao =100 fen
RMB is issued both in notes and coins. The denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.
Traveler's Cheques
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Traveller's cheques provide a fairly secure way of carrying your money. Always remember to keep the record of cheque numbers separate from the cheques for reference in the event of loss.
For the convenience of tourists, the Bank of China can cash travelers' cheques sold by international commercial banks and travelers' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, and Switzerland, Germany as well as many other countries. Also the Bank of China sells travelers' cheques for other banking institutions such as American Express, Citibank, Tongjilong Travelers' Cheque Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation, to name a few.
Currency Converter
Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores in China. Please note that hotels may only exchange money for their guests.
The US dollar, British pound, French franc, German mark, Japanese yen, Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish markka, and Taiwan dollar are all exchangeable. Exchange rates fluctuate in line with international financial market condition and are published daily by the State Exchange Control Administration.
Keep your currency exchange receipts because you will need to show them when you change RMB back to your own currency at the end of visit to the Republic. Cash rather than credit cards is essential in remote areas and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements.
Credit Card and ATMs
At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB, and Diners Card. Cardholders can withdraw cash from the Bank of China and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels, and restaurants.
However, this applies only in major cities and they are not always accepted in remote areas. Credit cards are not always accepted for the purchase of rail and air tickets.
ATMs that accept foreign cards are few and far between. Do not rely on them as a way of obtaining cash in Mainland China.
Consult with your bank before departing to make sure that your brand of cheque or credit card will be accepted.
Currency Regulations
There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but it must be declared to the customs.
RMB should be converted back into foreign currency with the personal valid "foreign exchange certificate" before leaving China. Unused foreign exchange and RMB traveler's cheques can be taken out of the country. Each tourist is permitted to take with them less than 6000 RMB.