The Chinese currency is Renminbi,
issued by the state bank, the People's Bank of
China. The standard unit of the Renminbi is yuan,
with jiao and fen as subsidiary units. One yuan
equals 10 jiao, and 1 jiao equals 10 fen. Yuan,
jiao and fen are issued both in bills and coins.
The Renminbi features the following denominations:
1,2, 5, 10, 20, 50, and 100 yuan; 1, 2 and 5 jiao;
and 1,2 and 5 fen.
Cashing a Foreign
The circulation of foreign currency, and the settling
of accounts with foreign currency, are banned
in the People's Republic of China. Foreigners
who have entered China will have to pay for their
expenses in Renminbi. The outlets of the Bank
of China cash foreign travel cheques and credit
cards, as well as 22 foreign currencies and the
New Taiwan Dollar. The following foreign currencies
can be cashed into Renminbi in China: US dollar,
British pound sterling, French franc, Deutsche
mark, Japanese yen, Australian dollar, Austrian
schilling, Belgian franc, Canadian dollar, Hong
Kong dollar, Swiss franc, Danish krone, Dutch
guilder, Norwegian krone, Swedish krona, Singaporean
dollar, Thai baht, Spanish peseta, Malaysian ringgit,
Italian lira, Macao pataca, Finnish markka, and
Airports, hotels, restaurants and
stores in China also handle the conversion of
foreign currencies into Renminbi. The State Foreign
Exchange Administration announces the exchange
rates on a daily basis. A foreign traveler may
have his surplus amount of Renminbi changed back
into foreign currency and take it out of China
within a grace period of six months prior to departure
from China, but in doing so he has to show a foreign
currency conversion receipt.
Credit Cards & Travel Cheques:
The following foreign credit cards are acceptable
in China: (1) Master Card; (2) Visa Card; (3) American
Express Card; (4) JCB Card; and (5) Diners Card.
Card-holders may draw cash at the
Bank of China or conversion centers designated
by the Bank of China, or pay for their expenses
at department stores, restaurants and hotels where
credit cards are acceptable.
For the convenience of travelers in
China, the Bank of China cashes travel cheques
sold by international commercial banks and travel
cheque companies in the United States, Canada,
Australia, Hong Kong, Japan, Britain, France,
Switzerland, Germany and other countries and regions.
The Bank of China also sells travel cheques issued
by American Express, National Bank of New York,
Thomas Cook, Sumitomo Bank, and Swiss Bank.