Know How about Using Currency in China

Chinese Currency

The currency of China is called Ren Min Bi, issued by the People's Bank of China. The unit of Ren Min Bi is yuan and change is jiao and fen. 1 yuan is 10 jiao, and I jiao is 10 fen. Yuan has notes of 1, 2, 5, 10, 50 and 100. Jiao has notes of 1, 2, and 5. Fen has 1, 2 and 5. The abbreviation of Ren Min Bi is RMB￥.

Foreign Currency Exchange

The following foreign currencies can be exchanged in China: US Dollar, UK Pound, Japanese Yen, Euro, Australian Dollar,Canadian Dollar, Hong Kong Dollar, Switzerland Franc, Denmark Krone, Norway Krone, Sweden Krone, New Zealand Dollar,Singapore Dollar,and Macao Patac. Conversion to RMB and vice versa is completed by foreign exchange companies and banks.

According to the current foreign exchange administration regulations of China, foreign currency is prohibited to circulate or purchase goods and services in the People's Republic of China. To facilitate foreign travelers and Hong Kong, Macao and Taiwan compatriots, the Bank of China and other appointed foreign exchange banks can handle foreign travelers checks and foreign credit cards. For the convenience of foreign travelers, some hotels, restaurants and shops can also exchange foreign currency to RMB. Any remaining RMB can be changed back to foreign currency with the foreign exchange receipt within the effective period of six months before exit. The exchange rate fluctuates according to market conditions. To exchange traveler checks, credit cards and remittance, the purchasing price is used. The selling price is taken to convert foreign currency including cash back to RMB. The cash purchasing price is used to exchange foreign cash to RMB cash.

Foreign Credit Card Commissioned in China

Today, the foreign credit cards that can be commissioned in China mainly include Master Card, Visa, American Express, JCB and Diners Card.