The legal tender of the People's Republic of China, issued by the People's Bank of China, is the Renminbi, literally people's currency.
• Short official name: CNY (China Yuan)
• Abbreviation: RMB
• Chinese: Ren Min Bi (人民币)
• Symbol: ￥
• Monetary unit: Yuan (元)
• Fractional units: Jiao (角) and Fen (分)
With the establishment of the People's Bank of China on December 1st 1948, the first edition of Chinese currency was issued. To date, five sets of currencies have been published, circulating the last edition from October 1st 1999.
The currency used in Hong Kong, Macau and Taiwan is different
• Hong Kong: Hong Kong Dollar
• Abbreviation: HKD＄
• Macau: Pataca
• Abbreviation: MOP＄
• Taiwan: New Taiwan Dollar
• Abbreviation: NT＄
1Yuan = 10 Jiao = 100 Fen
Currently, the paper money used is 1 Jiao, 5 Jiao, 1 Yuan, 5 Yuan, 10 Yuan, 20 Yuan, 50 Yuan, and 100 Yuan. The coin used is 1 Yuan and 5 Jiao. Do not easily accept the money of other denominations.
Herein are pictures of China paper money and coins. You can click each picture to see its original size.
Like many countries in the world, China is also suffers from counterfeiters.
You should be much more careful when you receive a big note (100 Yuan or 50 Yuan); make sure that the note is not a fake.
Hereafter we provide some easy ways to identify them:
1. The fifth edition of Chinese currency has a watermark on the left of the front side. You can see it clearly in the authentic paper money against the light.
2. There is a security line in the middle of RMB100, RMB50, RMB20, RMB10 and RMB5 (the fifth set).
3. The Denomination ID in bottom-left of the front side color change hologram effect: seen from different angles, the denomination ID of ￥100 changes from green to blue, and that of ￥50 changes from golden to green.
4. Because of its special material, the authentic RMB will make a ringing sound when being snapped.
It is quite easy to exchange money in China and the rates will be more favorable, but it is advisable to exchange a small amount in your country before leaving.
Usually, four-star and five-star hotels offer exchange service, but only for their guest. Mostly people will go to banks. Remember to take your passport, which need to be presented when converting currency in the country. However, for remote areas, it is difficulty to exchange currency or use a credit card, so it is advisable to take enough money when you are going to visit the remote area.
Yes. The following things merit attention:
1. Choose a bank which is the nearest to your hotel if you are going to exchange a large amount of money or you can exchange in your hotel directly if it offers this service.
2. Do not exchange money in the street or the small shops which is mostly illegal and sometimes forgeries may be given.
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