Chinese currency is called Renminbi (people's money), often abbreviated as RMB. It is issued by The Bank of China and is the sole legal tender within the People's Republic of China.
The symbol for RMB is
. The unit of Renminbi is a yuan and with smaller denominations called jiao and fen. The conversion among the three is:
1 yuan = 10 jiao =100 fen
RMB is issued both in notes and coins. The denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.
Note: in spoken Chinese, yuan is often called as kuai and the jiao as mao.
Traveler's Cheques or Cash Passport Cards
Traveller's cheques are rapidy becoming a problem to use in many parts of the world. You will still be able to cash them at major banks in main cities, but the electronic 'plastic card' products known as, "Cash Cards' or 'Cash Passports' are the new electronic version of travellers cheques and can be used at any international ATM. It is time to say, 'don't take travellers cheques'.
Currency Converter
Money exchange facilities for both currency and traveler's cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests.
Keep your currency exchange receipts because you will need to show them when you change RMB back to your own currency at the end of visit to the Republic. Cash rather than credit cards is essential in remote areas and you should ensure that you carry sufficient RMB and traveler's cheques to cover your requirements.
Credit Card and ATMs
At present, most major credit cards are accepted in China, but not all over the country. The more remote youa re the less you will be able to use them. Also, most small merchants won't have credit card facilities. Modern hotels will. Credit cards are not always accepted for the purchase of rail and air tickets.
ATMs that accept foreign cards are expanding all the time, but best to rely on them being more available in larger cities rather than small towns.
Currency Regulations
There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but it must be declared to the customs.
RMB should be converted back into foreign currency with the personal valid "foreign exchange certificate" before leaving China. Unused foreign exchange and RMB traveler's cheques can be taken out of the country.