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Home >> China Travel Tips >> Money
 
 
Money

Chinese Currency:

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 Currency:

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 Euro.

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.

 
 
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