Chinese Money

It is probably evident to even casual observers that the scope and speed of change in China during the last decade has been remarkable. Few aspects of life have remained unaltered, including money. This review introduces you to the money you will--and mentions the money you will not-encounter during your trip.

Until about 10 years ago, China had two official currencies: the Renminbi (RMB) and the Foreign Exchange Certificate (FEC). China has not used FEC's for a long time, but you may still hear of them or come across some in philatelist shops or among collectors.

RMB
The Bank of China issues RMB, or "People's Money"; the yuan is the basic unit of exchange. The exchange rate for RMB is relatively stable, but it does fluctuate slightly. If you want to know the rate when you travel, check with your bank, or on-line at a currency converter, but remember you will probably get a little less in China.

As in many other countries, bank notes come in different sizes and colors sorted by denomination. In China, bank notes come in one, two, five, ten, 50, and 100 yuan; one, two, and five Jiao. The Bank of China issues coins in one yuan, five Jiao. 

You will have no problem changing traveler's checks or cash into RMB, but you will get a better  exchange rate for traveler's checks. lf you want to exchange dollars, you will need bills that are pristine and crisp. No one will accept bills with marks on them, that are taped, or are in any other way defaced. This is because the counterfeiting of both RMB and dollars is widespread in China, and traveler's checks are more secure for the bank cashing them.