China - Money
Currency & Money
1 Renminbi Yuan (CNY; symbol ¥) = 10 jiao/mao or 100 fen. Notes are in denominations of ¥100, 50, 20, 10, 5, 1, 5 jiao and 1 jiao. Coins are in denominations of ¥1, 5 jiao and 1 jiao. Counterfeit ¥50 and ¥100 notes are commonplace. The Yuan is often referred to as the ‘guai’ in street slang.
American Express, Diners Club, Mastercard and Visa are widely accepted in major provincial cities in designated establishments. Credit cards are often unlikely to be accepted away from the major cities.
ATMs can generally be found in airports, hotels, shopping centres and banks, as well as in many major cities and towns.
To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in US Dollars.
Mon-Fri 0900-1600/1700. Some banks close for lunch from 1200-1300. Select branches in major cities offer extended hours in the evenings and on weekends.
Imports and exports of local currency are limited to ¥20,000. The import and export of foreign currency is unlimited, but amounts exceeding the equivalent of US$5,000 must be declared.
It is possible to exchange CNY outside China, albeit mainly in Southeast Asia and Hong Kong. Foreign banknotes and traveller's cheques can be exchanged at branches of The Bank of China. In hotels for tourists, imported luxury items such as spirits may be bought with Western currency. Scottish and Northern Irish banknotes cannot be exchanged.
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