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China's currency is the Renminbi (RMB),
known as the yuan or more often kuai,
its colloquial name. One kuai is divided
into ten jiao (which in turn is more
often known by its colloquial name, mao).
Kuai notes come in Ones (also available as
coins), Twos, Fives, Tens, Fifties and
Hundreds.
Keep an eye
out for counterfeit banknotes - an
increasingly common problem nowadays. Check
the feel of the paper and hold the note up
to the light to study the quality of the
watermark (Mao on the Hundreds and heroic
workers on the Fifties and Tens). If Mao
looks like Mr Potato Head, you're holding a
fake. There is nothing you can do about it
once you have accepted the money, even from
a bank, so check all larger notes every time
you receive them. Many shops now have UV
machines to check for fakes, so they can be
difficult to pass on if you do find yourself
with one.
Cash machines
now work for most credit cards and some
international networks, such as Visa (Plus
and Electron), Plus and Cirrus
International. The Renminbi is not a fully
convertible international currency, so don't
change too much.
If you do need
to exchange it, you have two choices. You
can keep all your exchange receipts and
change it back through the official channels
when leaving the country, or you can find a
moneychanger. In practice, the moneychanger
option is far easier and the most popular
option. Although officially illegal,
moneychangers can be easily found outside
larger banks and tourist hotels. If you hang
around for long enough, they will find you.
Travellers'
cheques are a sensible way of carrying funds
around safely, especially if you're sticking
to the larger cities. But although the
exchange rate is fixed, they can only be
exchanged at larger tourist hotels and major
branches of the Bank of China. Well-known
brands such as Thomas Cook and American
Express are best. Banks in larger cities are
often open seven days a week (though foreign
exchange is rarely possible at the weekend).
Open hours are generally 9am-4.30pm, though
some banks stay open till early evening. |
China in Brief
