Chinese Currency and Currency Exchange
Renminbi (RMB or people's money) is the sole legal currency in the People's Republic of China. The unit of RMB is yuan. It is divided into ten jiao or mao. Each jiao is equal to ten fen. RMB denominations : 1, 2, 5, 10, 20, 50 and 100 yuan; smaller 1, 2 and 5 jiao, all in notes. There are 5 jiao and 1, 2, 5 fen in coins. A 50 and 100 yuan bill are shown in the picture to the left.
Money exchange sponsored by Bank of China are set up in airport, hotels and tourist stores. The exchange rate is formulated by the State Administration of Exchange Control. As a result, the exchange rate is the same wherever you change the money. It is necessary to show the form when you change RMB back to foreign currencies. All money exchanges are opened seven days a week from 8 am to 7 pm. The hotels offer exchange between 7 am and 11 pm.
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