Chinese Money

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Chinese Money Reviews

WarrenRodwell WarrenRo…
50 reviews
Nov 02, 2007
The decimal currency of mainland China is the RMB (Renminbi). Foreign money is used only in certain circumstances, even though some English language travel guide books will tell you differently. In such cases, it becomes painfully obvious that the authors or editors have not recently or ever set foot on mainland soil. International visitors should familiarize themselves with the different values of money and conversion rates to avoid unnecessary problems. To make travel more convenient, tourists should exchange a certain amount of RMB at the airport to pay for a taxi fare and a hotel after getting out of the airport. Arabic numbers on the money make it very easy to recognize.

The maximum amount of RMB a foreign tourist can exchange on average is fifty thousand RMB. This figure represents approximately six thousand two hundred and fifty American dollars. The bank in charge of foreign currency exchange is the government -owned Bank of China. It has a branch at the entry-exit section of Chengdu international airport. Other branches of the Bank of China throughout the Sichuan capital can also handle exchange business. Currency exchange rates can usually be found displayed on large conspicuous screens inside the banks. These rates fluctuate daily according to global economies and are not subject to negotiation between the bank and customers.

The par value of the RMB includes one hundred yuan, fifty yuan, twenty yuan, ten yuan, five yuan, two yuan, one yuan, five jiao, two jiao and one jiao. The money with the unit of "fen" is no longer used. Please note that one yuan equals ten jiao, and notice the differences between five yuan / five jiao, two yuan / two jiao, and one yuan / one jiao. Visa Card and Master Card can be used to withdraw a certain amount of RMB cash. However, these cards are not very convenient for shopping. Most markets ask for cash payment. Quite often, large notes will be held up to the light and checked. It is suggested you take enough cash so that you are not bothered to go back and get more again.

There are often black markets of foreign currency outside banks. Many strangers with suspicious identity may approach and ask tourists whether they need to exchange. They will offer a good price, but for the sake of security, it is suggested not to respond them. They may give you forged notes, which are very difficult to discover for foreigners who are not familiar with the RMB. Therefore, it is strongly suggested that tourists exchange money at the counter of banks. The addresses of some Bank of China branches in Chengdu are i) Sichuan Branch -No.35, The Second Section of Renmin Zhong Road, ii) Chengdu Branch - No.133, Dongcheng Gen Street, Qingyang District, iii) Chengdu Wuhou Branch - No.45, Third Section of 1st Ring Road.


Expatriate writer Warren Rodwell has been in China since 2002, and teaches university postgraduates in Chengdu. Many of his feature stories, reviews & photographs have been published online or in hardcopy media form. Warren also narrates documentaries and administers various websites as part of his efforts to promote Chengdu & Sichuan culture(s) more globally.

DefDulce says:
Thanks for the tips!!
Posted on: Dec 16, 2007
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