China Currency Yuan_Beijing Tours-OneTourChina

China Currency Yuan

For most destinations its usually a good idea to exchange at least some money before you leave home so you can avoid the less-favorable rates youll get at airport currency exchange desks. Yuan, also known as RMB (Renminbi, or Peoples Money)

For most destinations it’s usually a good idea to exchange at least some money before you leave home so you can avoid the less-favorable rates you’ll get at airport currency exchange desks. Yuan, also known as RMB (Renminbi, or “People’s Money”), are not easily obtainable overseas.

Change at the airport when you arrive, and then at larger branches of the Bank of China, or at desks administered by the bank in your hotel or at major department stores in larger cities. Hotel exchange desks will only change money for their guests, and they are open very long hours 7 days a week. Bank hours vary drastically from province to province, so be sure to check. See “Banks, Foreign Exchange & ATMs,” in the “Fast Facts” section of each destination.

There are notes for ¥100, ¥50, ¥20, ¥10, ¥5, ¥2, and ¥1, which also appears as a coin. The word yuan is rarely spoken, and sums are usually referred to as kuai qian, “pieces of money,” usually shortened to just kuai. San kuai is ¥3. The next unit down, the jiao (¥.10), is spoken of as the mao. There are notes of a smaller size for ¥.50, ¥.20, and ¥.10, as well as coins for these values. The smallest and almost worthless unit is the fen (both written and spoken) or cent and, unbelievably, when you change money you may be given tiny notes or lightweight coins for ¥.05, ¥.02, and ¥.01, but this is the only time you’ll see them except in the bowls of beggars or donation boxes in temples. The most useful note is the ¥10, so keep a good stock. Street stalls, convenience stores, and taxis are often not happy with ¥100 notes.

Keep receipts when you exchange money, and you can reconvert excess yuan into hard currency when you leave China, although sometimes not more than half the total sum for which you can produce receipts, and sometimes these receipts must be not more than 3 months old.

China Guide

China Currency Yuan