FACILITIES & SERVICES

Currency


1. Chinese Currency

The Renminbi (RMB, symbol: ¥; code: CNY) is the official currency of China, which means people's currency.

Chinese/English Name

Chinese/English Nickname

Printed Denominations

 /yuan

 /kuai

100,50,10,5,2,and 1

 /jiao

 /mao

5,2 and 1

 /fen

 

5,2 and 1


2. Currency Exchange

According to existing foreign exchange control laws and regulations of China, foreign currency circulation and foreign currency-based settlement are prohibited in the territory of China. In China, most foreign currencies, such as US Dollar, Pound, Euro, Canadian Dollar, Hong Kong Dollar, Macao Pataca, New Taiwan Dollar, Swiss Franc, Japanese Yen, can be converted into RMB. The Bank of China and other appointed banks provide foreign currency exchange services, handling foreign currency, traveler's checks, and credit cards. If a portion of the converted RMB notes are not used, they may be converted back into foreign currency within six months before your departure. So when you exchange currency, we advise you to keep all of your receipts.


Exchanging currency (taking US dollars as an example)

You can convert USD cash into RMB in most banks in mainland China. Some banks, such as the Bank of China and the Industrial and Commercial Bank of China (ICBC) accept overseas VISA, MASTER, or AMERICAN EXPRESS cards to exchange RMB. The maximum exchange amount is 50,000 USD per year.

You can also withdraw at most 3,000 RMB per day with overseas credit cards at most ATMs in mainland China. Exchange rates vary daily.

If you want to convert less than 3,000 RMB per day into USD, you can go to the Bank of China. For more than 3,000 RMB, it is much easier to ask your Chinese colleague or friend to do it for you at the Bank of China or ICBC. A reservation call to the bank is also required (Small bank branches may not have much USD cash on hand).


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