BIT World Travel Service
Money

FAQ

What is the legal tender of China?

Answer: The legal tender of the People's Republic of China, issued by the People's Bank of China, is the Renminbi, literally people's currency.
• Short official name: CNY (China Yuan)
• Abbreviation: RMB
• Chinese: Ren Min Bi (人民币)
• Symbol: ¥
• Monetary unit: Yuan (元)
• Fractional units: Jiao (角) and Fen (分)

How many sets of RMB have been issued?

Answer: With the establishment of the People's Bank of China on December 1st 1948, the first edition of Chinese currency was issued. To date, five sets of currencies have been published, circulating the last edition from October 1st 1999.

Is the currency used in Hong Kong the same as that of the mainland?

Answer: The currency used in Hong Kong, Macau and Taiwan is different
• Hong Kong: Hong Kong Dollar
• Abbreviation: HKD$
• Macau: Pataca
• Abbreviation: MOP$
• Taiwan: New Taiwan Dollar
• Abbreviation: NT$

I often hear people say "kuai"; does it refer to RMB?

Answer: Yes. Colloquially in Chinese, the Yuan is called Kuai, and the Jiao is called Mao.

What is the conversion among Yuan, Jiao and Fen?

Answer: 1Yuan = 10 Jiao = 100 Fen

What are the main notes used now?

Answer: Currently, the paper money used is 1 Jiao, 5 Jiao, 1 Yuan, 5 Yuan, 10 Yuan, 20 Yuan, 50 Yuan, and 100 Yuan. The coin used is 1 Yuan and 5 Jiao. Do not easily accept the money of other denominations.

I am aforeign traveller, and the exchange rate in my country is very bad. Can I exchange money in China? Is it easier to do it in the country?

Answer: It is quite easy to exchange money in China and the rates will be more favorable, but it is advisable to exchange a small amount in your country before leaving.

Where can I exchange money in China?

Answer: Usually, four-star and five-star hotels offer exchange service, but only for their guest. Mostly people will go to banks. Remember to take your passport, which need to be presented when converting currency in the country. However, for remote areas, it is difficulty to exchange currency or use a credit card, so it is advisable to take enough money when you are going to visit the remote area.

Can I exchange the unused RMB back in foreign currency?

Answer: Of course you can. Please keep all your exchange receipts, which you must present. However, such exchange can be quite unfavorable in exchangerates, you'd better use all your RMB before you left.

Is there anything else worthy of note when exchanging money?

Answer: Yes. The following things merit attention:
1. Choose a bank which is the nearest to your hotel if you are going to exchange a large amount of money or you can exchange in your hotel directly if it offers this service.
2. Do not exchange money in the street or the small shops which is mostly illegal and sometimes forgeries may be given.

Can I use RMB in Macau and Hong Kong?

Answer: Of course you can. 100 Yuan is widely accepted in Hong Kong, however, the small domination such as 10 Yuan and 20 Yuan are not so popular. Usually, you pay them in RMB; they will give you changes in Hong Kong Dollar. Note that the exchange rate is not as satisfying as in mainland.

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