Chinese Currency
If you want to travel to China, it is essential to know some aspects about the Chinese currency, the Renminbi (RMB). China has good banking and currency exchange facilities in big cities, airports and luxury hotels. The safest way to get money is to withdraw it from ATMs that accept international credit cards, which are available in all major cities, as foreign banks are expanding their branch network. It is advisable to carry cash to pay for transport, restaurants, shops and markets, so it is always wise to carry some cash with you.
The Renminbi (RMB)
China's monetary unit is the yuan renminbi, which literally translates as "people's currency." The yuan is divided into ten jiaos, and each jiao is in turn divided into ten fens, with almost negligible value. In colloquial Chinese speech, the jiao is often called "mao", while the yuan is commonly known as "kuai". The most common banknotes in circulation are 1, 5, 10, 20, 50 and 100 yuan. Although some low-value coins and banknotes also exist, this type of currency is rarely accepted.
The Circulation of Renminbi
The renminbi is the legal currency in mainland China, and all banks accept the use of the renminbi.
In Hong Kong and Macau, the currency in circulation is the Hong Kong dollar and the Macau pataca. However, some merchants accept transactions in renminbi, and some banks in Hong Kong offer deposit, withdrawal and transfer services in renminbi.
Generally, merchants in Taiwan do not accept renminbi. Since the implementation of the mail, air transport and trade policy between mainland China and Taiwan on July 4, 2008, renminbi can be freely exchanged at financial institutions, docks and terminals, although with certain limitations.
Working Hours of Banks
The Bank of China has the most extensive branch network in the country. Other major domestic banks include the Industrial and Commercial Bank of China, the Bank of China, and the Agricultural Bank of China, among others.
Banks generally operate Monday to Friday from 9:00 a.m. to 5:00 p.m. to 4:30 p.m. or 5:00 p.m., although hours may vary by location, and some banks are also open on Saturdays.
All banks close during the first three days of Chinese New Year and reduce their hours during other official holiday periods.
Automatic Teller Machines (ATM)
In Hong Kong, Macau and other major cities in China, it is often possible to use foreign bank cards to withdraw money from ATMs. However, not all ATMs in remote areas of China accept foreign bank cards; It is advisable to consult the official website of the card issuer to find out the specific locations of the ATMs. In cities, there are usually ATMs in banks, shopping centers, five-star hotels and airports. Some ATMs also offer the ability to withdraw cash at the same exchange rate as the funds on the card and usually have a daily withdrawal limit.
Currency Exchange
Chinese currency is not easy to find outside the country, but it is now increasingly accessible to exchange it at airports in Asia, at banks in major cities and in Hong Kong and Macau. Within China, you can exchange money at international banks and airports, and most hotels will be willing to provide this service to their customers. Most major currencies are accepted. All foreign exchange operations are related to the Bank of China, and there is no difference in exchange rates between different institutions.
To exchange the remaining renminbi when leaving the country, you must show all currency exchange receipts. While the black exchange market in China offers slightly better rates than the banks, it is not worth dealing with shady individuals as you could end up receiving fake renminbi. The Hong Kong dollar is convertible and easy to find outside the country, being an accepted currency in almost all of the Special Economic Zones in southern China and in Macau.
Credit Card
Almost all high-end restaurants, hotels and major stores accept credit card payments, but it is advisable to check whether the desired foreign credit card is accepted before making the purchase. The most common cards include Mastercard, Visa, Japan Credit Bureau, Diners Club and American Express. Airline tickets can be purchased with a credit card at Civil Aviation Administration of China offices, as well as train tickets. You can also withdraw cash by credit card at Bank of China.
