The Chinese currency is Renminbi, designed and issued by the state bank, the People's Bank of China. The unit of Renminbi is yuan and its fractional currency is jiao. One yuan equals ten jiao. The paper money is divided into yuan and jiao. Renminbi coins include yuan, five jiao and one jiao. The nominal value of yuan is divided into 1, 5, 10, 20, 50 and 100. The nominal value of jiao is one, two, five jiao. The abridged form of Renminbi is RMB.
The Renminbi notes in circulation are of the fourth and fifth set of Renminbi issued in 1987 and in 1999 respectively.
- Chinese name: 人民币
- Currency code: CNY
- Unit: yuan
- currency symbol: ￥
- Abbreviation: RMB
- There are characters of five languages on the Renminbi notes: Chinese, Mongolian, Tibetan, uyghur and zhuang.
Tips on Identifying Authentic Paper Money
We teach you to identify the authentic RMB from some facets:
► Close Hearing: when being shivered or pulled, the authentic RMB will make a ringing sound.
► Hand Touch: You can use you finger to touch the uneven places of the authentic RMB, such as the portrait.
► Using Apparatus: You can take examination apparatuses to check about the paper money you received from others. There are usually apparatuses to examine the fake money in such spots.
The illustrations on the back of RMB notes
Renminbi notes are well-designed and illustrated with images of top landmarks in China.
1 yuan: Three pools mirroring the moon, a famous attraction on
West Lake in Hangzhou
5 yuan: Mount Taishan
50 yuan: Potala Palace in
Lhasa
100 yuan: The Great Hall of People
How to change my foreign currency for Renminbi in China?
You are suggested to change for a certain amount of Chinese money before you travel to China. But you need not worry about this, as the money exchange in China is very convenient now, via bank of China or ATMs. In addition, you can use credit cards in China.
How to change your foreign currency in China, where should you go to change and what should be noticed when changing currency in China are list here.
Firstly, before your sightseeing in China, your foreign currency should be converted into Chinese currency. Bank of China branches in air ports can provide this service for you. Besides, those superior hotels, restaurants and some shops which run the foreign business may also help you to change foreign currency.
Secondly, you can get the foreign exchange rate information on the board which may hang on the hall of banks. The exchanging rate is published by the Bank of China. You also can know what foreign currency can be changed from it. Generally, the foreign currency that can be exchanged includes foreign credit cards, traveler cheques, and cash, including US dollars, pounds Sterling, Euros, Japanese Yen and dollars from Australia, Canada, New Zealand, Hong Kong Macau & Taiwan among others.
Thirdly, when you are going to undertaking you currency exchanging process, you should present your passports at the counters. Some self-service machines are also available in some banks, such as Bank of China and China Minsheng Bank, shopping malls and others. Whatever, the voucher paper should be retained safely in order to redeem the surplus Chinese currency when leaving China.
Credit Cards & ATM Service in China
If you don’t have enough Chinese money in hand, you may use credit card. Credit Cards are very convenient when you travel in big cities of China. Hotels with ratings of three or more stars, major shopping centers and retailers and large restaurants and supermarkets in these cities accept Foreign-based credit cards when you pay the bill. While in some remote places and some small cities, credit cards are not widely accepted, and you may be asked to use cash.
When you travel aboard, ATM is a comparatively convenient service for you on the currency matter. But all banks limit the amount you can withdraw, which is between 1000 and 3000 RMB per transaction and the surcharge of each withdrawal is about $8 to $11.
Some tips for using ATMs:
1. When you use ATM, you should look around and make sure that strangers are standing at least 1m away from you.
2. When you enter your password, use a hand to shut other of seeing what numbers you type.
3. If some accident happens when using the machine, e.g. your card being swallowed, don't trust the contact number posted nearby the machine. You should dial the customer service number of your card. And remember not to give your password.
4. You'd better withdraw money in the daytime; in the nighttime some bright spots are better.
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