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Money and Currency (6)

1Can you give me some information about the Chinese currency and tell me what I need to know about it before coming to China?

China's legal tender is Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops illegally accept foreign currencies.

The basic unit of RMB is yuan. 1 yuan (or kuai) =10 jiao (or mao). RMB is available in both paper notes and coins. The denominations of paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao. The denominations of coins are 1 yuan; 5 and 1 jiao. Hong Kong uses HK dollars.

Foreign currencies may be converted into RMB at all banks, bank branches or hotels at the exchange rate quoted on the foreign exchange marker on the day. Most airports have foreign exchange facilities.

The black market in foreign currency is illegal in China. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be extremely careful. The exchange rate may be attractive--higher than the bank rate--but it is illegal and you risk being cheated. Many scam exist to trick the unsuspecting and it is common to receive fake notes.

When exchanging money be sure to keep the receipt as this receipt is required to convert back to foreign currency when you leave the country.

Note: The Exchange Rates of RMB against the US Dollar and other currencies are fluctuating frequently due to the changing world financial situation. Please check the exchange rate before you pay.

2What credit cards are accepted in China?

Most of the internationally accepted credit cards are usable in China. They include: Visa, MasterCard, American Express, Diner's club, and the JCB card of Japan.

Credit cards are accepted only in large shopping malls and stores. Credit card symbols are displayed in the visible place in shops and hotels indicating credit cards are accepted.

3Should I bring any Chinese currency to China to be prepared when I arrive?

It is very easy to exchange US Dollars, Euros, Canadian Dollars & Australian Dollars to Chinese currency hotels and banks. All major airports have foreign exchange facilities. Amounts of less than 20,000 RMB can be imported without declaration at customs.

4Are traveler's checks easy to cash in China and what brands are accepted?

Travelers are not widely used in China nowadays. They can be cashed in banks and large hotels but often attract high fees.

Thomas Cook USD HKD DEM FRF CAD

AUD JPY CHF GBP

International Payment Co. USD GBP CAD

American Express Co. USD DEM FRF

Citibank USD

Nanyang Commercial Bank USD HKD

Swiss Bank CHF

Bank of Tokyo JPY

Mitsui Bank JPY

Sumitomo Bank JPY

Fuji Bank JPY

If you have any problems, please contact the Bank of China, Beijing Branch (Tel: 63035128).

5Is it easy to find an ATM in china?

ATMs are widely available all over China. The Bank Of China has ATM’s that display an English menu. Visa, MasterCard and those credit cards and ATM cards displaying the Cirrus and Maestro symbols are always accepted.

6What's the most efficient to exchange my foreign currency to local money?

ATM's are available in most cities in China and it is easy to obtain money from credit cards and ATM cards link to the bank accounts in your home country. The exchange rate used in this calculation is better than the rate used by banks and hotels when exchanging cash. The Bank of China has ATM's that display an English menu. Visa, MasterCard and those credit cards and ATM cards displaying the Cirrus and Maestro symbols are always accepted.

Credit/debit card can be used to obtain a cash advance from the teller at the bank as well as at an ATM.

Please check with your issuing bank regarding card usage before traveling to China. Issuing bank may charge additional fees if cards are used in foreign countries. Travelers should carry an amount of cash as a reserve which can be used in emergency.