Currency of China

Here is information about currency of China, the Renminbi (RMB) as well as credit cards, exchange of money, ATMs, money wire transfers and banks.

Currency
The official currency of China is the Renminbi (RMB). The base unit is the yuan or kuai, which equals ten jiao or mao. The jiai is then divided into ten fen. Paper currency is printed in 1,2,5,10,50 and 100 yuan notes. Paper jiao come in denominations of 1, 2, and 5. 1, 2, and 5 fen coins are even commonly used.

Taking Chinese Currency to China
Money exchange is easy in China so you need not take Chinese currency there. However, if you decide to tave local currency with you, the volume of Chinese currency should be less than 20,000 Rmb without declaration at the customs. For taking in Chinese currency exceeding 20,000 Rmb, you have to declare it.

Exchange of Money
In Beijing, you could exchange your national currency to RMB at the Bank of China as well as other major banks and hotels which have a money exchange counter. The exchange rate varies according to market conditions. For exchange of money you are required to produce your passport. Cash advances are available on most credit/debit cards but this facility is available only from the main branch of the Bank of China in most Chinese cities. You would also have to give some fee.

Credit Cards
Credit cards are welcome at large shopping malls and major restaurants in Beijing. However, at other places, you would need to shell out cash. However, cash is required at most other places. Point-of-sale (POS) machines would be available within Olympic venues and non-competition venues for facilitating payments. Air Travel could be purchased with credit cards.

Automated Teller Machines (ATMs)
Automated Teller Machines (ATMs) would be available in all venues. You would be able to withdraw RMB here. You could easily find an ATM in the bigger cities. However, in smaller towns it would be harder to find one.

Money Wire Transfers
Money transfer is available via wire transfer. It is a joint venture between the China Courier Service Corporation and Western Union. This service permits instant money wiring to and from 100 countries.

Banks
Various local and international banks operate in China. In most of these banks, you would find some English-speaking employees. Major banks operating in China are Hong Kong & Shanghai Banking Corporation (HSBC), Bank of China, Hang Seng Bank, Shanghai Commercial Bank, Commerzbank AG, ICBC, Bank of East Asia and Arab Bank.