Currency

Posted by: Published:2024-01-01 Views:255

Chinese currency is called Renminbi, and is issued by the Peoples Bank of China. The unit of Renminbi is the yuan and the smaller units are the jiao and fen (10 fen=1 jiao, 10 jiao=1 yuan). Yuan, jiao and fen are issued as paper banknotes but there are also yuan, five jiao and fen coins. Denominations of yuan banknotes are 1 yuan, 2 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan. Jiao banknotes are 1 jiao, 2 jiao and 5 jiao and fen banknotes are 1 fen, 2 fen and 5 fen. The abbreviation for Chinese currency is RMB ¥. Many hotels and stores accept major credit cards. At present, the following credit cards can be used in China: Master Card, Visa Card, American Express, JCB, Diners Card. Holders of these cards can draw cash from the Bank of China, buy goods and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants.

For the convenience of tourists, the Bank of China can cash travelers checks sold by international commercial banks and travelers check companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, and Switzerland, Germany and other countries and regions. Also the Bank of China sells travelers checks for such banks as American Express, Citibank, Tongjilong Travelers Check Co., and the Sumitomo Bank of Japan, the Swiss Banking Corporation and others.