China Money & Currency Converter

Chinese Currency Introduction

China’s official currency is the Renminbi (RMB), also called the Chinese Yuan (CNY). The symbol is notated by either ¥ or 元. The basic unit is the yuan (or “kuai”). One yuan equals ten jiao (or "mao") and one jiao equals ten fen. Yuan, jiao, and fen are issued both in bills of exchange and coins. Paper currency comes in one, five, ten, fifty and one hundred yuan notes. Paper jiao come in denominations of one, two, and five. There are also 1 and 2 fen coins, but these are rarely used as they being removed from circulation. Hong Kong and Macau have their own currencies with values near the RMB.

Foreign Currency Exchange in China

Foreign currency exchange is very easy in China so there is no need to bring RMB to China. Should you decide to bring Chinese currency to China, you must declare any volume more than 20,000 RMB at customs. Most banks will exchange traveler's checks or cash, and hotels always have a money exchange counter for your convenience if you are their guest. You are required to present your passport to change money or travelers checks etc. The Chinese currency is roughly fixed to the value of the US Dollar, so as the value of US Dollar changes on international currency market, the relationship between the Chinese Renminbi and the US Dollar remain the same. RMB is now readily convertible in Hong Kong. There is a foreign exchange black market but it is illegal.

It is advisable to change only the money that you need for you trip as it may be difficult to change back to you preferred currency. You can convert unused RMB to another currency in China by producing the receipts for your original purchase of RMB in China. You can make this exchange at the airport as you leave China.

Credit cards and ATMs

Major credit cards such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores. Credit card symbols are displayed in the visible place in shops and hotels indicating credit cards are accepted. In smaller restaurants and convenience stores, however, credit cards will not be accepted. In most cities, The Bank of China is the bank which specializes in handing cash advances for credit cards issued in foreign countries, but a fee of 3%-4% will apply. The Bank of China has an ATM network that will allow cash advances from major credit and ATM cards. Check your credit card provider for this information before leaving your home country.

You won't have any problems finding an ATM in the bigger cities in China, although you probably won't be able to find one in remote areas or the smaller towns. This situation is changing, however, and ATMs are gradually spreading across the country.

Counterfeit Money

Although the Government is trying to eradicate this practice and it is becoming less of a problem, the use of counterfeit money is still widespread. It is a common practice for those who are receiving money to check its authenticity. Do not be offended by this practice as most businesses have encountered counterfeit notes at some point.