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Currency
The Chinese currency is the Renminbi (RMB), or people's money. The
basic unit, the yuan, is divided into 10 jiao. The jiao is again
divided into 10 fen.
1
yuan = 10 jiao = 100 fen
In
spoken Chinese the yuan is referred to as the kuai and the jiao
is referred to as the mao.
The
following yuan notes are issued 100, 50, 10, 5, 2 and 1.
The
jiao comes in denominations of 5, 2 and 1.
It
is advisable to stock up on 10 yuan notes.Taxi
drivers and shopkeepers are frequently unable to change larger denominations.
Changing
Money: Traveler's Checks and Foreign Currency
Traveler's
checks and foreign currency can be changed at international airports,
main branches of the Bank of China and major hotels. Hotels may
only exchange money for their guests. Traveler's checks generally
receive a more favorable rate than cash. It is best to stick to
traveler's checks issued from major agencies, such as Thomas Cook,
American Express or Citibank
The exchange rate is set by the government, so shopping around is
generally unnecessary. Australian, Canadian, US, UK, Japanese and
most western European currencies are exchangeable. If you are planning
to go to a remote area, it is a good idea to bring enough RMB with
you and US$ traveler's checks.
Retain your exchange receipts. They are necessary if you want to
change RMB back to your currency at the end of your trip. You may
exchange RMB in Hong Kong without receipts.
ATMs
ATMs
that accept foreign cards are few and far between. Do not rely on
them as a major mode of obtaining cash in mainland China. Check
with your bank or credit card company before you travel. You can
find more information at the Mastercard
and Visa websites.
(Hong Kong is an exception to the above).
Credit
Cards
The
most readily accepted credit cards are Visa, Master Card, American
Express, JCB and Diners Club. Credit cards are gaining acceptance
in China, however, count on using them only in major cities. They
will, generally, be accepted in major hotels and tourist restaurants.
Check
if they are accepted in advance. Credit cards are generally not
accepted for train and plane ticked purchases.
Cash
advances on credit cards may be done at main Bank of China branches
in major cities. A 4% commission is usually deducted.
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