The Chinese currency is called Renminbi
(people's currency) and is often abbreviated to RMB. The
basic unit is the Yuan. The exchange rate between Yuan and
US Dollars is approximately 8 to 1.
RMB cannot be used in Hong Kong
however. Hong Kong's currency is the Hong Kong Dollar, usually
referred to as HKB. The exchange rate between HKB and USD
is around 7.7 to 1.
We do not recommend that you take
a large amount of cash with on your trip. You can exchange
your U.S. currency for RMB at most large U.S. Banks before
you go. Or you can take Travelers Checks with you and exchange
in China (see below). Currency Exchangers found at airports
generally offer a poor exchange rate. It is better to exchange
in cities because there are more choices.
Most
Important! Do not try and exchange currency on the
street! The rate may appear to be better but the risk is
very great. Not only is it illegal but dangerous. Always
exchange at a bank or official currency exchange agency.
Credit
Cards: Credit cards are gaining more acceptance in
China in the major cities. Credit cards can be used in most
mid-range to top-end hotels (three star and up), Friendship
Stores and some department stores. Note that it is still
impossible to use credit cards to finance your transportation
costs; even airline flights have to be paid for in cash.
Credit card cash advances have become
fairly common at the head branches of the Bank of China.
Bear in mind however, that a commission is generally charged.
Travelers Checks: Besides
the advantage of safety, Travelers Checks are useful to
carry in China because the exchange rate is usually better
than what you would get for cash. Travelers Checks from
most of the world's leading banks and issuing agencies are
now accepted in China – but it is better to stick to
the major companies such as American Express and Citibank.
Please note however Travelers Checks are only accepted at
banks and hotels. They are usually not accepted at stores
or shopping centers.
You can find ATMs that will allow
you to draw funds (in RMB currency) from your account. ATMs
that work with U.S. bank ATM cards can be found in Hong
Kong, Beijing, and Shanghai. Just make sure the ATM is in
a good location with good lighting and visibility.
