Money Matters in China
Renminbi, the Chinese currency, is issued by the state bank, the People's Bank of China.
The standard unit of the Renminbi is "yuan", with "jiao" and "fen" as the subsidiary units. Thus one "yuan" equals ten "jiao" and one "jiao" equals ten "fen". Yuan, jiao and fen are issued both in bills of exchange and coins. Renminbi features the following denominations: one, two, five, ten, twenty, fifty and a hundred yuan; one, two, and five jiao. The abbreviation for Renminbi is RMB.
Foreign Currency Conversion
Conversion services are available in China for the following foreign currencies: US Dollar, British Pound Sterling, Japanese Yen, Australian Dollar, Austrian Schilling, Canadian Dollar, Hong Kong Dollar, Singapore Dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, and Finnish Markka.
The Chinese bank handles conversion of the above-mentioned foreign currencies into Renminbi or vice versa.
China's law governing foreign exchange bans the circulation of foreign currencies and the settling of accounts with foreign currencies in the People's Republic of china. For the convenience of foreigners and compatriots from Kong Kong, Macao and Taiwan travelling in the mainland of China, the Bank of China and other designated Chinese banks handles the conversion into Renminbi of foreign traveller's cheques and credit cards as well as the conversion of twenty-two foreign currencies and the New Taiwan Dollar in cash. Again for the conveinence of travellers in China, some hotels, restaurants and stores in China also handle the conversion of foreign cash into Renminbi. A foreign traveller may have the remaining amount of Renminbi converted back into foreign cash and brought out of China within a grace period of six months prior to departure from China, but in doing so he has to display a foreign currency conversion receipt.
Different conversion rates are applied under different circumstances. Buying prices are applied for the conversion of traveller's cheques, credit cards and remittances; selling prices are applied for the conversion of Renminbi into foreign currencies (cash included); and buying prices are used for the conversion of foreign cash into Renminbi.
Souce: Xinhuanet
