Chinese Money

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What’s the currency circulated in China and what do they look like? TOP

The official currency circulated in mainland China is Renminbi (RMB), issued and controlled by the People's Bank of China. The basic unit of the currency is the yuan (also known as “kuai”). One yuan is worth 10 jiao (or ‘mao') while one jiao equals to 10 fen.

At present there are 1, 5, 10, 20, 50 and 100 Yuan banknotes, 1 and 5 Jiao notes, as well as 1 Yuan, 1 and 5 Jiao coins.

100 Yuan   50 Yuan   20 Yuan
               100 Yuan                                           50 Yuan                                            20 Yuan
10 Yuan   5 Yuan     1 Yuan
                10 Yuan                                           5 Yuan                                               1 Yuan
5 Jiao   1 Jiao 1 Yuan   5 Jiao   1 Jiao
                5 Jiao                                               1 Jiao                               1 Yuan           5 Jiao         1 Jiao

What’s the exchange rate between Chinese Yuan and US dollar?TOP

Exchange rate between Chinese Yuan and US dollar is fluctuating around 6.06 recently, the latest rate can be checked on Bank of China's web site http://www.boc.cn/sourcedb/whpj/enindex.html But the actual rate varies slightly in different banks and facilities while you exchange the money.

May I carry some Chinese money before entering China for my convenience? TOP

Yes, you can. According to the regulations of General Administration of China Customs, passengers carrying a sum of no more than 20,000 RMB need not to declare at the customs while declaration is strictly demanded for those with over 20,000 RMB. In general, foreign currency exchanges can be found at airports, banks and hotels in China. Therefore carrying excessive amount of Chinese currencies in advance is not particularly necessary.

Where can I change my money into Chinese Yuan? TOP

Currency exchange services are available at most airports with international flights, most 4 and 5-star hotels and central business areas in certain cities. Please note that your passport would be required while exchanging money. Travelers' checks can be cashed at all branches of Bank of China and other major banks in China with the sign

Can I use US dollars or other foreign currencies in China?TOP

Generally speaking, foreign currencies are not allowed to be used and won't be accepted in stores in mainland China. However, in certain particular venues such as souvenir stores, foreign currencies might be accepted.

Is the currency circulates in Hong Kong the same as that in mainland China?TOP

The primary circulating currency is HK Dollar in Hong Kong, Macanese Pataca in Macao and New Taiwan Dollar in Taiwan.

Can I use Chinese Yuan in Hong Kong and Macao?TOP

The Chinese Yuan is broadly being accepted in Hong Kong and Macao nowadays, although swapping them for HK Dollars or Macanese Pataca is very easy and can be done around almost every street corner. Furthermore, RMB denoted debit card and credit card with the “UnionPay” sign are as well being increasingly accepted.

Is there counterfeit money in China? If yes, how can I distinguish them from the real ones? TOP

Yes, counterfeit money does exist in China. Extra attention should be raised when a big note such as 100 or 50 Yuan is received.

In general, features distinguishing a fake note from a real one are the color, watermark, texture of the paper, security line and the Braille dots. Here are some places to look.

1) The color of Chinese note is hard to imitate, and the fake ones are usually too fuzzy, without sharp image and colors.

2) The watermark on the authentic banknotes is fairly distinct on the left of the front side, contrary to the not-so-clear one on the counterfeit notes.

3) The real banknotes will make a crispy sound when being snapped as it is made of specially-processed material, while the paper of fake money is thinner, softer and will make a comparatively duller sound.

4) A security line is in the middle of the 100, 50, 20, 10 and 5 Yuan note.

5) There is a denomination number on the bottom left of the banknote's front side which has color-changing hologram effect, which means when observed from different angels, the color would appear alternating among green, blue and gold.

What can I do about the local moneys should I got some left when my tour ends?TOP

You can exchange them back to foreign currencies if you wish. This can also be done at the banks and exchange points with your passport presented.

Can I keep the remaining local money as souvenir?TOP

Of course. Carrying a sum of no more than 20,000RMB when exiting China need not to declare at the customs while declaration is strictly demanded for those with more than 20,000 RMB.

The original URL of this page
http://www.chinatours.com/travel-faqs/chinese-money.html

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