1. Renminbi
China's legal currency is Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops illegally accept foreign currencies. Foreign currencies may be converted into RMB at all banks, bank branches or hotels at the exchange rate quoted on the foreign exchange marker on the day.
The unit of Renminbi is the yuan and the fractional currency are jiao and fen and are of the decimal system (10 fen = 1 jiao; 10 jiao = 1 yuan). The abbreviation of RMB yuan is Y.
Black market in foreign currency is forbidden in China. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be extremely careful. The exchange rate may be attractive--higher than the bank rate--but it is illegal and you risk being cheated. Sometimes these people don't give you the right amount, since you don't have time to count the money or, even worse, they may give you fake notes or a bundle of plain paper with a few notes on the top.
When you exchange money at the banks, you should ask for a certificate, with which you can change RMB back to foreign currency when you leave the country.
The Bank of China is the bank which specialises in handing credit cards issued in foreign countries. They include Visa, MasterCard, Diner's Card, American Express, JCB, Million Card and Federal Card.
These cards can be used at major hotels and shopping centres where the Bank of China has branches. In the event that you lose your card, you should report to one of the branches of the Bank of China and apply for a replacement.
The Bank of China has an agreement with foreign financial organizations on selling, cashing in and compensating for traveller's cheque.
2.RMB travelers cheque
For the convenience of tourists, the business department of the Bank of China headquarters and domestic branches a Beijing, Shanghai, Tianjin and Guangzhou and branch in the Hong Kong Special administrative Region as well as branches in London, Singapore and Luxembourg sell RMB travels cheque.
Administration of Bringing in and Taking Out Chinese Currency Bills
1. Stipulations on the control of foreign exchange cash and bills brought in and taken out of China.
There is no limit in amount for foreign currency and foreign exchange bills that can be brought into China by tourists, but it must be declared to the customs. The Bank of China and its exchange centers can handle foreign exchange and issue a foreign exchange certificate valid for six months.
2. Stipulation on the control of RMB brought in and taken out China.
Unused RMB should be converted bank into foreign currency with the personal valid "foreign exchange certificate" before leaving China. When leaving, the customs will examine the permit for taking out foreign currency, gold and silver issued by the Bank of China (called the "taking out permit"). Unused foreign exchange and RMB travelers cheque are permitted to be taken out.
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