China Currency
From ChinaTravelGuide
Chinese currency is called Renminbi (RMB or CNY) (人民币), which means "the People's money". The Chinese symbol is ￥. The basic unit is the yuan, and other units are jiao (角) and fen (分) with 1 yuan equaling 10 jiao, and 1 jiao equaling 10 fen (smallest units, like cent in many other currencies). There are parts of China where the yuan is also known as kuai (块) and jiao is known as mao (毛). Chinese currency is issued in the following denominations: one, two, five, ten, twenty, fifty and one hundred yuan; one, two and five jiao; and one, two and five fen.
Note that Chinese currency is different from and not related to those used in Hong Kong, Macau and Taiwan. Hong Kong's currency is Hong Kong Dollar, Macau's is Pataca, and Taiwan's is New Taiwan Dollar.
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[edit] Currency Exchange
Money exchange facilities are available at most cities in China. Many banks, airports, hotels, and department stores offer the exchange service.
The official exchange rate between U.S. dollar and Renminbi yuan currently is about 1:7.3 (1 US dollar = 7.3 yuan RMB). Below is the today's Exchange Rate in major currencies:
| Reported On:Thursday, January 08, 2009 | ||
| China Yuan Renminbi (CNY) | 1 CNY = | Inverse: |
|
Australian Dollar |
0.2029 | 4.9285 |
|
Canadian Dollar |
0.1732 | 5.7737 |
|
Euro |
0.1076 | 9.2937 |
|
Hong Kong Dollar |
1.1329 | 0.8827 |
|
Indian Rupee |
7.1864 | 0.1392 |
|
Japanese Yen |
13.6349 | 0.0733 |
|
Korean Won |
188.775 | 0.0053 |
|
Malaysian Ringgit |
0.5104 | 1.9592 |
|
Mexican Peso |
1.9544 | 0.5117 |
|
Russian Rouble |
4.2451 | 0.2356 |
|
Singapore Dollar |
0.2151 | 4.6490 |
|
South African Rand |
1.3728 | 0.7284 |
|
Swiss Franc |
0.1618 | 6.1805 |
|
Taiwan Dollar |
4.8283 | 0.2071 |
|
Thai Baht |
5.0591 | 0.1977 |
|
United Kingdom Pound |
0.09750 | 10.2564 |
|
US Dollar |
0.1461 | 6.8446 |
See also
[edit] Bank Accounts& ATMs
With a passport and a small deposit, foreigners can open bank accounts with the Bank of China. A checkbook, a bank card along with other documents will be issued. Besides the Chinese currency yuan, deposits can be made in other currencies such as US Dollars, Hong Kong Dollars and UK Pounds.
ATM cards of major banks present in China can be used to withdraw cash from ATM machines in major banking locations throughout Hong Kong and also in major Chinese cities such as Shanghai and Beijing. However, there is usually a limit of about 20,000 Yuan in any day and there is usually a nominal fee charge for ATM service.
[edit] Credit Cards
Credit Cards are getting more popular in China. Major credit cards (American Express, JCB, MasterCard and Visa) are accepted by most major hotels and in many well-known restaurants. Other credit cards such as Diners Club, Federal and Million, may also be accepted at some locations. Always check on the acceptance of your credit card before you purchase. Credit cards cannot be used in most restaurants or small convenience stores.
[edit] Money Fraud
[edit] Wire Transfer Service
[edit] Traveler's Cheque
[edit] Pictures of Chinese Money
What does the Chinese currency look like? (If you see the 3rd edition of the Chinese currency, keep them. The current market values for the whole set is about 10,000 yuan).
