Chinese Currency and Foreign Exchange
The Chinese currency is called Renminbi, and is issued by the People's Bank of China. The unit of Reminbi 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, 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 RMBY. For instance 1,234.56 yuan can be written into RMBY1,234.56.
- Credit Cards
At present, following credit cards can be used in China:
- Master Card
- Visa Card
- American Express
- Dinners Cards
Holders of these cards can draw cash from the Bank of China, buying goods and pay for purchase at exchange centers of the Bank of China, appointed shops, hotels and restaraunts.
- Traveler's Checks
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 of Japan, the Swiss Banking Corporation and others.
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 Remninbi such foreign currencies as 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. 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.