Money and Currency in China

In this part of the China travel guide I will speak about money and currency in China. I think it is a good idea to know a little more about it before traveling to China.

The official currency of China is the Renminbi (RMB), often referred to as the Yuan (¥ or CNY). The terms “Renminbi” and “Yuan” are often used interchangeably.

• Banknotes: 1, 5, 10, 20, 50, and 100 Yuan.
• Coins: 1 Yuan, and 1, 2, and 5 Jiao (1 Yuan = 10 Jiao).

Currency Exchange

• You can exchange foreign currency for Yuan at banks, hotels, and authorized exchange counters.
• Major international airports and hotels also offer currency exchange services.
• It’s advisable to exchange money at official exchange points to avoid counterfeit bills.

1 Yuan= 0.14 Us Dollar

1 Yuan= 0.13 Euro

1 Yuan= 0.19 Canadian Dollar

ATMs and Credit Cards:

ATMs are widely available in cities and towns. Most ATMs accept international cards, especially those with the Visa, MasterCard, or UnionPay logos.

Credit cards (Visa, MasterCard, and sometimes American Express) are accepted in large hotels, upscale restaurants, and shopping centers in major cities. However, in smaller towns and local establishments, cash is preferred.

Digital Payments:

Mobile payment apps like Alipay and WeChat Pay are extremely popular in China. These apps are widely used for everything from shopping to paying for taxis.

Some tourists may find it challenging to use these apps due to the need for a Chinese bank account, but some international credit cards are now being accepted by these platforms.

Tips for Tourists:

Carry Cash: While digital payments are popular, always carry some cash, especially when traveling to rural areas or smaller towns where card payments may not be accepted.

Exchange Enough Money: Ensure you exchange enough money before traveling to remote areas where currency exchange services might not be available.

Beware of Counterfeit Bills: Familiarize yourself with the look and feel of genuine Chinese banknotes to avoid receiving counterfeit currency.

Keep Small Denominations: Small vendors and taxis may not accept large bills, so keep smaller denominations handy for convenience.