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Chinese Currency
The Chinese currency is called Renminbi, which is issued by the People's
Bank of China. The unit of Renminbi is the yuan and the smaller units
are the jiao and fen, with ten fen equals to one jiao and ten jiao
equals to one yuan. Yuan, jiao and fen are issued as paper banknotes but
there are also yuan, jiao and fen coins. Denominations of yuan banknotes
are one yuan, two yuan, five yuan, ten yuan, twenty yuan, fifty yuan and
one hundred yuan, while denominations of Jiao are one jiao, two jiao and
five jiao. The fen is denominated at one, two and five. The abbreviated
sign for Chinese currency is RMB¥.
Foreign Exchange in China
Foreign currency cannot be circulated within the People's Republic of
China or used to determine the price and settle accounts. At present,
China will accept and convert into Chinese Renminbi such foreign
currencies as the US dollar, British pound, Euro, Japanese yen,
Australian dollar, Austrian schilling, Belgian franc, Canadian dollar,
HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian
ringgit, Italian lira, Macao dollar, Finnish Markka, and Taiwan dollar.
Exchange rates are determined every day in part by the State
Administration of Exchange Control and by the exchange market in the
other part. Before leaving China, unspent Renminbi can be exchanged back
into the foreign currency if you have kept the original exchange receipt
that is valid for only six months.
Other Payment Forms in China
Except for the Chinese currency, most tourist hotels, restaurants and
stores accept major credit cards. At present, the following credit cards
can be used in China: Master Card, Visa Card, American Express, JCB,
Diners Card. You can also use these types of credit cards to draw cash
from the Bank of China or to pay for any purchases made at any Bank of
China authorized locations.
Use Traveler's Check in China
Through Bank of China, you can easily cash the traveler’s checks
purchased from any accredited international commercial banks or
traveler’s check institutions in the United States, Canada, Australia,
Hong Kong, Japan, Britain, France, Switzerland, Germany and many other
countries and regions. Bank of China also sells travelers' checks issued
by a number of international banks including American Express, Citibank,
Tongjilong Travelers' Check Co., the Sumitomo Bank of Japan and the
Swiss Banking Corporation.
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