The Chinese currency is called Renminbi, and is issued by the People's Bank of China. The unit of Renminbi is the yuan and the smaller units are the jiao and fen (10 fen=1 jiao, 10 jiao=1 yuan). Yuan, jiao and fen are issued as paper banknotes but there are also yuan, five jiao and fen coins. Denominations of yuan banknotes are 1 yuan, 2 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan. Jiao banknotes are 1 jiao, 2 jiao and 5 jiao and fen banknotes are 1 fen, 2 fen and 5 fen. The abbreviation for Chinese currency is RMB￥. Many hotels and stores accept major credit cards. At present, the following credit cards can be used in China: Master Card, Visa Card, American Express, JCB, Diners Card. Holders of these cards can draw cash from the Bank of China, buy goods and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants.
For the convenience of tourists, the Bank of China can cash travelers' checks sold by international commercial banks and travelers' check 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' checks for such banks as American Express, Citibank, Tongjilong Travelers' Check Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation and others.
Foreign Exchange
Foreign currency cannot be circulated within the People's Republic of China or used to determine the price and settle accounts. At present, China will accept and convert into Chinese Renminbi such foreign currencies as the US dollar, British pound, Euro, 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. Exchange rates are issued every day by the State Administration of Exchange Control. Before leaving China, unused Chinese Renminbi can be converted back into foreign currency with a "foreign exchange certificate" which is valid for six months. |
