The Renminbi, literally people's currency, is the currency of the mainland of the People's Republic of China (PRC). (The Chinese mainland excludes Taiwan and Hong Kong.) The principal unit is the yuan, which is subdivided into 10 jiao, each of 10 fen.
The renminbi is issued by the People's Bank of China, the monetary authority of the PRC. The official abbreviation is CNY, although also commonly abbreviated as "RMB". The Latin symbol is ¥.
While in China you will normally hear Chinese and foreigners alike refer to the money simply as yuan and kuai. (Kuai being their equivalent to our slang for dollar, "buck")
Notes - denominations of ¥; 100, 50, 20, 10, 5, 2, and 1.
Coins - 1 Yuan is divided into 10 jiao or 100 fen. Coins are in denomination of ¥1, 5 jiao and 5, 2 and 1 fen.
Counterfeit ¥ 100 and ¥ 50 are very commonplace. In fact, so common that whenever a 100 or 50 note is used for payment anywhere throughout the country, it will be rigorously tested to ensure that is it not counterfeit.
TIP - You should never receive a 100 note from anyone who is not working in a bank.
Currency Exchange
CNY is not traded outside China. Foreign banknotes and traveler’s checks can be exchanged at most airports and at most banks within China. Check the most recent exchange rate at; http://www.xe.com/ucc/
Credit/Debit Cards and ATM's
Some "Western" establishments may accept Credit/Debit Cards, but it is recommended that you have Chinese "cash" available to make mostly all purchases while in China.
If you have a Credit/Debit card issued through Visa or Mastercard, you are able to withdraw Yuan from some ATM's within China. Check with your bank for specifics on international withdrawal fees. Most times they are about equal with what you would get if you brought US Dollars with you and made the exchange at an airport or bank.
Traveler’s Checks
To avoid additional exchange rate charges, travelers are advised to take traveler’s checks in US Dollars.
(Please be advised that traveler's checks may not be widely accepted throughout at places on our Itinerary.)
Banking Hours
Mon-Fri 0900-1600/1700. Some banks close for lunch from 1200-1300
