Travel China – Chinese Currency and Money Matters

Chinese currency is called "Ren Min Bi" (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 RMB 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 paper and coins. The denominations of paper notes include in Yuan: one hundred, fifty, twenty, ten, five, two, and one, in Jiao: five, two and one, and in Fen: five, two, and one. The denominations of coins are one Yuan, five Jiao, two Jiao, one Jiao, five Fen, two Fen and one Fen.
One thing to know in oral Chinese is that Yuan is often called as ‘Kuai’ and Jiao as Mao.

 

The numbers on most of the Chinese bills are in English. It is important to know that China has been a cash society. Few transactions are done with credit cards, especially in the countryside, though with the change of increasing usage of credit cards in recent years. Traveler’s checks are highly recommended. These are easily cashed in larger hotels or at the Bank of China. Always remember to keep the record of check numbers separate from the checks for reference in the event of loss.

For the convenience of tourists, the Bank of China can cash travelers' checks sold by international commercial banks and travelers' checks companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, and Switzerland, Germany as well as many other countries. Also the Bank of China sells travelers' checks for other banking institutions such as American Express, Citibank, the Sumitomo Bank of Japan, the Swiss Banking Corporation, to name a few.

ATM cards (or other similar cards) are not highly recommended, as cash machines are sometimes difficult to find. 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 centers 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 train 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 checks or credit card will be accepted.