Chinese Currency

The Chinese currency is Renminbi, issued by the state bank, the People”s Bank of China. The standard unit of the Renminbi is Yuan, with jiao and fen as subsidiary units. One yuan equals 10 jiao, and 1 jiao equals 10 fen. Yuan, jiao and fen are issued both in bills and coins. The Renminbi features the following denominations: 1,2, 5, 10, 20, 50, and 100 yuan; 1, 2 and 5 jiao; and 1,2 and 5 fen.
No foreign currency is allowed to circulate in China. Illegal selling of foreign exchange is not allowed. Travellers may exchange foreign currency cash or checks at Bank of China offices or exchange counters at the published exchange rates. These bureaus would issue a foreign exchange statement which shall be valid for 6 months.
According to existing foreign exchange control laws and regulations of China, foreign currency circulation and foreign currency-based settlement are prohibited in the territory of China. For the convenience of foreign guests and Hong Kong, Macao and Taiwan compatriots’ consumption in China, Bank of China and other appointed banks provide foreign currency exchange business for 22 kinds of foreign currencies and New Taiwan dollar as well as such business as foreign currency traveler’s check, foreign credit card in exchange for RMB.
Foreign currency and travelers” checks can be changed at the main branches of the Bank of China, the tourist hotels, Friendship Stores and some department stores. Hotels usually charge the official rate. You will need your passport to change money and/or use travelers checks. You also might want to keep your money exchange receipts if you plan on changing any of your remaining RMB back to U.S. dollars at the end of your trip. Or you can spend it on souvenirs and other gifts to bring home. You may even want to hold onto some new, crisp Chinese bills to take home and keep with your pictures.
Important note: Write down your traveler”s check numbers on a piece of paper and keep this paper inside your luggage or back at home, separate from your traveler”s checks. If you lose your traveler”s checks, you can easily replace them using the numbers! There is an American Express office in Guangzhou, and they are very efficient.
The RMB is not easily convertible on the international market so it is only usable in China. It is advisable to change only the money that you need for you trip as it may be difficult to change back to you preferred currency. You can convert unused RMB to another currency in China by producing the receipts for your original purchase of RMB in China. This exchange is done at the airport as you leave China.

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