Chinese Currency & Foreign currency exchange

Chinese Currency

Chinese currency is called Renminbi (abbreviated as RMB) issued by the Bank of China. The unit for Renminbi is Yuan, and also Jiao and Fen. The conversion among the three is: 1 Yuan = 10 Jiao =100 Fen. RMB is issued in both 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 Jiao and 1 Jiao; and 5 and 1 Fen. Credit cards are accepted at most hotels, tourist shops and some department stores. 

Foreign currency exchange

According to the existing regulations on the Foreign Exchange System of the People's Republic of China, there are only two legitimate means for the transaction between foreign currency and RMB: the banks providing foreign exchange transaction business and the China Foreign Exchange Trading Centre and its system. Private foreign exchange transactions are illegaldisturbing financial orders and are prohibited in the territory of China by law.

On Mainland China the following are some of the foreign currencies that can be converted into RMB: US dollar, the British Pound, the Euro, Japanese Yen, Australian dollar, Canadian Dollar, Hong Kong dollar, Swiss Franc, Danish Krone, Norwegian Krone, Swedish Krona, Singapore dollar, Malaysian Ringgit and, Macao Pataca and some othes. 

For the convenience of foreign guests and Hong Kong, Macao and Taiwan compatriots’consumption in China, Bank of China and other appointed banks provide foreign currency exchange services for twenty-two kinds of foreign currencies and New Taiwan dollar as well as for foreign currency traveler's check, foreign credit card in exchange for RMB. One can change money upon arrival at the international airports. Also most hotels, restaurants or stores offer foreign exchange services and exchange cash and travelers cheques. The exchange rate varies under different circumstances.