Currency
The Chinan currency is called the renminbi (people's currency), and is valued in yuan (and colloqually, as kuai). It is abbreviated as RMB. 10 jiao make one yuan, and 10 fen make one jiao; consequently, 100 fen make one yuan. Banknotes are available in denominations of 1, 2, 5, 10, 20, 50 and 100 yuan. Coins are available in 1 yuan, 5 jiao, 1 jiao and 5 fen. At the time of writing, US$1.00 = RM7.76. For the latest exchange rate, use the Oanda Currency
Converter: http://www.oanda.com/convert/classic.
The RMB is not completely convertible, so technically it is an offence to convert your foreign currency to RMB on the street. Doing so risk arrest, and is really an exercise or no advantage. Major currencies are accepted by the banks and hotels, however, and global network-connected ATM machines (Cirrus, Plus) are found in major cities. Beijing and Shanghai airports have cash machines with which to withdraw RMB with your credit cards. If the ATM machine requires a 6-digit PIN and yours is only 4, try with 2 leading zeroes. Do not be too dependent on network-connected ATM machines when venturing outside major cities - carry enough cash!
Beware of counterfeit Y100 and Y50 notes. Look at the greenish metallic number at the bottom left. The genuine note will show the number changing colour when you angle it away from you. You should also look for the watermark of Mao Zedong though a light as another indicator.
Credit Card
Credit cards are gaining wider acceptance, especially in places frequented by foreigners. Nevertheless, use of credit cards outside the major cities is still low. Transport costs (domestic air and train tickets) must be paid in cash.
Travellers' Cheques
Unheard of in China.
Banking Hours
Banks are open Mondays to Fridays from 9:00am to 4:00pm or 5:00pm. Some banks close for an hour from 12:00 noon to 1:00pm.
About the Author: AsiaExplorers is researched and written by Timothy Tye. We take reasonable care to check and verify the accuracy of the content. However, we disclaim any responsibility for any inconvenience, mishap, injury or death resulting from following the advice provided directly or indirectly by AsiaExplorers and the comments on its pages. All the photographs in AsiaExplorers are available for publication. Please contact AsiaExplorers at the following email address for your enquiries:
