Understanding Chinese Currency
The official currency of China is the Renminbi (RMB), abbreviated as CNY (Chinese Yuan). Its name translates to "the people's money," reflecting its role as the legal tender for all transactions in China. The basic unit is the yuan (¥), colloquially called "kuai," with fractional units including jiao (1/10 yuan) and fen (1/100 yuan).
Key Facts About RMB:
- Symbol: ￥
Common denominations:
- Paper notes: 1, 5, 10, 20, 50, 100 yuan
- Coins: 1 yuan, 5 jiao, 1 jiao
Colloquial terms:
- 1 yuan = 1 "kuai"
- 1 jiao = 1 "mao"
👉 Learn more about currency exchange rates
Exchanging Foreign Currency to RMB
Best Places to Exchange:
- Banks (e.g., Bank of China, ICBC) offer competitive rates.
- Airports provide immediate exchange but at lower rates.
- Major hotels (for guests only).
Tips for Exchange:
- Carry your passport; required for all transactions.
- Request smaller denominations (e.g., 10 or 20 yuan notes) for convenience.
- Credit cards (Visa, Mastercard) are accepted in major cities, but cash is preferred in rural areas.
How to Spot Counterfeit RMB
4-Step Verification Method:
Look:
- Check the watermark (visible under light).
- Examine the security line (micro-printed text on genuine bills).
Touch:
- Feel for raised ink (e.g., Braille dots on the fifth-series RMB).
Listen:
- Genuine bills produce a crisp sound when flicked.
Detect:
- Use UV light: Real RMB shows fluorescent markings (counterfeits may glow unnaturally).
👉 Secure your travels with verified currency tips
FAQs About RMB
1. Can I exchange leftover RMB back to my currency?
Yes, present your exchange receipts at a bank. Note: Rates may be less favorable than initial exchanges.
2. Are credit cards widely accepted in China?
Major cities (Beijing, Shanghai) accept cards, but rural areas rely on cash.
3. What’s the current USD-to-RMB exchange rate?
Fluctuates daily; roughly 1 USD ≈ 6.5 CNY (check live rates before exchanging).
4. How do I avoid counterfeit money?
Stick to authorized banks and verify bills using the 4-step method above.
Final Tip: Always keep small denominations (jiao coins) for minor purchases or donations. For further assistance, consult your bank before traveling.