The Chinese currency is called renminbi (people's currency) and is often abbreviated to RMB. The basic unit is Yuan. Ten Jiao make one Yuan; ten Fen make one Jiao. Hongkong's currency is the Hongkong dollar and Macau's is the Pataca. Both currencies are worth 5% less than Renminbi.
A money belt or pocket sewn inside your clothes is the safest way to carry money. Velcro tabs sewn to seal your pockets shut will also help thwart roving hands. Keeping all your eggs in one basket is not advised - guard against possible loss by leaving a small stash of money (say US$100) in your hotel room or buried in your backpack, with record of the travellers cheque serial numbers and your passport numbers.
Foreigners can indeed open bank accounts in China, Both RMB and US dollar accounts (the latter only at special foreign exchange banks). You do not need to have resident status, a tourist visa is sufficient.
Stock up some ￡¤10 bills in case of the vendors and taxi drivers cannot make change for big note.Counterfeit bills are a problem in China. Very few Chinese will accept a ￡¤50 or ￡¤100 bill without first checking to see whether or not it is a fake. Notes that are old and tattered are also sometimes hard to spend. If you are having problems with a note, exchange it for a new one or small change at the Bank of China -counterfeits, however, will be confiscated.
A foreigner can bring cash and change it at the Bank of China for RMB. Foreign money can be exchanged in China through traveler's cheques, currency conversion at banks and hotels. Credit cards can also be used. What follows is a more detailed explanation. Enjoy your trip!
Traveler's cheques provide a fairly secure way of carrying money. The Bank of China can cash travelers' cheques sold by international commercial banks and travelers' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. Also the Bank of China sells travelers' cheques for such banks as American Express, Citibank, Tongjilong Travelers' Cheque Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation and others.
Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests. The US dollar, British pound, French franc, German mark, Japanese yen, Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish markka, and Taiwan dollar are all exchangeable. Exchange rates fluctuate in line with international financial market conditions and are published daily by the State Exchange Control Administration. Keep your currency exchange receipts, because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Currency rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements.
At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB and Diners Card. Holders can draw 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. Credit cards are not always accepted for the purchase of rail 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 cheque or credit card will be accepted.
There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but the amount must be declared to the customs.
Chinese currency is called Renminbi (people's money), often abbreviated as RMB. Issued by the People's Bank of China it is the sole legal tender for both the Chinese nationals and foreign tourists. The unit of Renminbi is yuan and the smaller, jiao and fen. The conversion among the three is: 1 yuan = 10 jiao =100 fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued both in notes and coins. The denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.
