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Chinese currency, foreign exchange, credit cards, travellers cheques


Chinese currency (RMB):

Payment in China are made in its national currency, the renminbi or RMB, issued by the central bank---the People’s Bank of China. The RMB enjoy 55 years of history and so far five different series of the notes and coins have been issued. The unit for the RMB is Yuan, or shortened to “RMB” or “¥”, the other units are jiao and fen. The RMB does not have stipulated gold content, it is a form of measurement and unit of exchange. Currently, there are thirteen denomination for the RMB: 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 2 Yuan, 1 Yuan, 5 Jiao, 2 Jiao, 1 Jiao; in coins: 1 Yuan, 5 Jiao, 2 Jiao, 1 Jiao,

5 Fen, 2 Fen, 1 Fen. The Yuan is the main unit of currency, while the jiao and fen are supplementary units. One Yuan = 10 jiao = 100 fen. Coins and notes are equally convertible. To meet the needs of collectors, since 1984, the People’Bank of China also issued convertible souvenir coin sets. Tattered and damaged notes or coins are to be exchanged at banks and will be destroyed by the Pepoles Bank of China. In daily life, the Chinese refer to the Yuanas Kuai, One Yuanis called One Kuai.The jiaois often called Mao.


Foreign exchange:

Foreign currencies are not used in China and payments are not made in foreign currencies. International visitors to China should pay in the Chinese currency, the RMB. The Bank of China and other designated foreign currency banks can process traveller’s cheques in foreign currency, exchange money using foreign credit cards, and also exchange money for eight foreign currencies as well as the New Taipei currency of China. The currencies include: US dollar, British pound, Japanese yen, Australian dollar, Canadian dollar, Swiss franc, Euro, Singapore dollar, Hong Kong dollar, Macau patacas, etc. It is very convenient to change money in China, stores and hotels all offer the service. Exchange rates are available from counters in various major hotels, the China Daily, financial programs on television or the radio, as well as the internet. Daily rates are the same in all cities across China, so you can exchange money free of concerns.


Credit cards:

Currently, foreign credit cards that can be used in China include MasterCard, American Express, Diner Club Card, VisaCard, JCB card. Cardholders can withdraw cash at the Bank of China, exchange money at Bank of China outlets, or use the credit cards at certain stores, restaurants, hotels.


Traveller’s cheques:

For the convenience of travellers, the Bank of China can honour traveller’s cheques from international commercial banks and travellers cheque companies from countries and regions such as the US, Canada, Australia, Hong Kong, Japan, the UK, France, Switzerland, Germany, etc. The Bank of China also sells travellers cheques on behalf of American Express, Citibank, UBS, Thomas Cook, Sumitomo Bank, etc.



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