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Chinese currency is the RenMinBi (RMB), generally pronounced
Yuan in written form, but spoken as Kuai. Paper money
available in RMB1, RMB5, RMB10, RMB50 and RMB100. Today,
China is suffering from numerous counterfeit notes. Fake
notes are sometimes easily recognisable since the paper
feels different and the Chinese will check several time
when they receive a RMB50 or RMB100 to make sure it is
not a fake. Old and tattered notes can be difficult to
exchange so try not to accumulate them.
Most of the time, vendors and taxi drivers ask for
a small note when you pass them a RMB100 note, sometime
they cannot change it and sometimes are not willing
to. So it is a good idea to stack up on RMB10 bills.
If you have any problems with a note, exchange it for
a new one or small change at a bank. A counterfake note
will be confiscated.
Travellers cheques are the best way to carry money
around in China, the exchange rate is fixed and it can
be replaced if lost or stolen. Cheques can be cashed
at the major branches of the Bank of China. Credit cards
like Visa, Mastercard and American Express are useful
in major tourist cities too. They can be used in most
mid range to top range hotels, and some big department
stores. You can get cash advances in the head branches
of the Bank of China, however, a high commission will
be charged (four percent).
Foreign currency can be changed in most banks and
hotels. Exchange rates do not vary that much, so hotels
are often the most straightforward place to exchange.
Keep the exchange receipt with you in case you want
to exchange any remaining RMB you have left over when
you leave. Please use our CURRENCY CONVERTER in the
"Reservations" pages of the site.
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