Should I bring cash, travelers’ checks or can I rely on my credit card?
Travelers’ checks are rarely used these days, but major foreign currencies can be exchanged for Chinese Renminbi (RMB) at hotels, banks and some department stores. These establishments are obliged by law to change at an official rate established by the People’s Bank of China.
Credit cards such as Mastercard, Visa and American Express are often accepted at the larger department stores and gift shops. Using international credit cards or your ATM card to draw cash from ATMs is usually possible, particularly near your hotel, but should not necessarily be taken for granted.
What is the local currency?
The Chinese peoples’ national currency or Renminbi (RMB) consists of fen, jiao and yuan. There are ten fen in a jiao, and ten jiao in a yuan. The basic currency unit is the yuan, known colloquially as a kuai. The yuan is denominated in notes of 1, 5, 10, 20, 50 and 100. Ten yuan or kuai is worth about US$1.60 or £1.