Currency

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Currency Regulations and Conversion Rates
Renminbi is the Chinese currency and is issued by the state bank, the People’s Bank of China. The standard unit of the Renminbi is yuan, with jiao and fen as the subsidiary units. One yuan is equivalent to ten jiao and one jiao is equivalent to ten fen. Yuan, jiao and fen are all issued as bills and coins. Yuan is denominated in ones, twos, fives, tens, fifties and one hundreds. Jiao and fen is denominated in ones, twos and fives. The abbreviation for Renminbi is RMB.

Conversion Rate: http://www.oanda.com/convert/classic
The Chinese bank handles conversion services for the following foreign currencies: US Dollar, British Pound Sterling, French Franc, Deutsche Mark, Japanese Yen, Australian Dollar, Austrian Schilling, Belgian Franc, Canadian Dollar, Hong Kong Dollar, Swiss Franc, Danish Krone, Guilder (or Florin) , Norwegian Krone, Swedish Krone, Singapore Dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, Finnish Markka and the New Taiwan Dollar. You also can convert money at money exchange counters at the Beijing International Airport and major hotels. Do not exchange money with anyone on the street. This is illegal in China and there is a chance that you would be robbed.
China's law governing foreign exchange bans the circulation of foreign currencies and the settling of accounts with foreign currencies in the People's Republic of China. For the convenience of foreigners and compatriots from Hong Kong, Macao and Taiwan traveling in the mainland of China, the Bank of China and other designated Chinese banks will handle the conversion into Renminbi of foreign traveler’s checks and credit card withdrawals. For the convenience of travelers in China, some hotels, restaurants and stores in China will also handle the conversion of foreign cash into Renminbi. A foreign traveler may have the remaining amount of Renminbi converted back into foreign cash and brought out of China within a grace period of six months prior to departure from China. If foreign currency is taken out of China, a foreign currency conversion receipt must be shown.
Different conversion rates are applied under different circumstances. Buying prices are applied for the conversion of traveler’s checks, credit cards, remittances and for the conversion of foreign cash into Renminbi. Selling prices are applied for the conversion of Renminbi into foreign currencies (cash included).
Foreign Exchange Regulations for Foreign Visitors
Article 17 of the Regulations on Foreign Exchange Control of the People's Republic of China stipulates that foreign exchange remitted or brought in from foreign countries by resident foreign organizations in China and personnel attached to these organizations, may be kept in their own possession, deposited in the bank, or taken abroad with customs declaration documents.

Highlights of this article are:
1) All the expenses incurred by resident foreign organizations in China and personnel attached to these organizations should be paid for in Renminbi. The remaining amount of Renminbi converted from foreign exchange can be converted back into foreign currency and taken abroad by showing one's passport and the conversion sheet within a six-month grace period.
2) Resident foreign organizations in China and personnel attached to these organizations are not allowed to buy or sell foreign exchange in China.
China's current foreign exchange control regulations state that the conversion between foreign exchange and Renminbi can only take place in the following two forms:

• Through a bank that is allowed to handle foreign exchange businesses
• Purchases and sales through the China Foreign Exchange Trade Center and the system attached to it.

All transactions between foreign exchange and Renminbi conducted other than through these two channels are unauthorized, illegal and banned by Chinese law because they disturb the country's financial order. According to Article 45 of the Regulations on Foreign Exchange Control of the People's Republic of China, those who have conducted unauthorized purchases and sales of foreign exchange will be warned by the foreign exchange control authorities, the foreign exchange in their possession will be converted, the unlawful income from such transactions will be confiscated, and a fine between 30 percent and three times of the amount of foreign exchange involved will be imposed.

 

Credit Cards, Traveler’s Checks and ATM’s

The following foreign credit cards are accepted in China:

• Mastercard
• Visa
• American Express
• JCB
• Diners

Most major shops in tourist areas will accept credit cards, but small shops may only accept cash. Some shops may accept US dollars and Euros.

Major airlines, hotels, travel agencies and most upscale restaurants, bars and department stores (the Friendship store) will take credit cards. However, we recommend that you bring cash along as credit cards are not as widely accepted as in most American and European cities.

Traveler’s checks issued by major overseas banks may be exchanged at the Bank of China, CITIC Bank branches, and other authorized currency exchange counters.

ATM’s can be found all around the city which will enable you to withdraw Renminbi from your bank account. You may be able to withdraw foreign currencies from major Bank of China branches and designated foreign currency ATM’s in major hotels and banking outlets.