Money Matters

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.

Traveller's Cheques

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 traveller's' cheques sold by international commercial banks and traveller's' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany as well as many other countries.

Also the Bank of China sells travellers' cheques for other banking institutions such as American Express, Citibank, Tongjilong Travellers' Cheque Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation, to name a few.

Currency Converter

Money exchange facilities for both currency and travellers' cheques are available at major airports, hotels, and some department stores. Please note: hotels may only exchange money for their guests. 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 traveller's 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 centres 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 traveller's cheques can be taken out of the country. Each tourist is permitted to take with them less than 6000 RMB.

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