Chinese Currency

China's currency is Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops illegally accept foreign currencies.

The basic unit of RMB is yuan. 1 yuan (or kuai) =10 jiao (or mao). RMB is available in both paper notes and coins. The denominations of paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao. The denominations of coins are 1 yuan; 5, 2 and 1 jiao. Hong Kong uses HK dollars.

The official exchange rate is around US$1 = 8 RMB. US dollars can be easily exchanged at bank or hotels. Most hotels, restaurants, and major shopping centers welcome major credit cards.

Black market in foreign currency is forbidden. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be careful. The exchange rate may be higher than the bank rate , But sometimes these people don't give you the correct amount, since you don't have time to count the money or, even worse, they may give you fake notes or a bundle of plain paper with a few notes on the top.

When you exchange money at the banks, you should ask for a receipt, with which you can change RMB back to foreign currency when you departure from the country.

Most of the credit cards (Visa, MasterCard, Diner's Card, American Express, JCB) can be used at major hotels and shopping centres where the Bank of China has branches. In the event that you lose your card, you should report to one of the branches of the Bank of China and apply for a replacement.