Currency and Exchange
If you are planning your tour to China, before you depart for China it is advisable that you have some basic knowledge on how to recognize Chinese currency. China’s legal tender is Renminbi (Abbreviation: RMB), literally meaning “People’s Money”, issured by the People’s Bank of China. Short official name: CNY (China Yuan), but the short name RMB is also often used. Its symbol: ￥; monetary unit: Yuan (元) and Fractional units: Jiao (角) and Fen (分).Currently China Money in use is China’s fifth edition of Chinese currency (1999 – 2005) circulating from 1999.The paper money in is 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 1 Yuan, 5 Jiao and 1 Jiao.
Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores. The US dollar, British pound, French franc, German mark, Japanese yen, Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish markka, and Taiwan dollar are all exchangeable. Keep your currency exchange receipts, because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Currency rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements.
At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB and Diners Card. Holders can draw cash from the Bank of China and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants. However, this applies only in major cities. Credit cards are not always accepted for the purchase of rail and air tickets. ATMs that accept foreign cards are few and far between.