Money

The mainland Chinese currency is formally called Yuan, or Renminbi. One yuan breaks down into ten jiao, also known as mao. Paper money is the main form of exchange, available in ￥100, ￥50, ￥20, ￥10, ￥5 and ￥1 notes, with a similar selection of mao. One mao, five mao, and ￥1 coins are also in the circulation. At present, the Yuan is worth about US $ 0.1461, with slight daily fluctuations. The Bank of China has exchange desks for foreign currency and travelers checks which can also be exchanged at airports, some large department stores, and many hotels at a rate slightly better than cash. Exchange rates are regulated, so rates are generally about the same anywhere.

Visa, Master Card, American Express, Diner's Club, Federal Card, Million Card, and JCB credit cards are accepted at most hotels and state run shops in the major cities. Travelers should be prepared to pay in Yuan when shopping in smaller shops, at restaurants, and in smaller hotels. ATMs are abundant in most areas of China, and most Bank of China ATMs allow travelers to draw funds from their home account. When exchanging money in China, it is important to retain exchange receipts. These are needed to convert Renminbi back into foreign currency when leaving China. But remember withdrawal receipts from ATM's will not allow you to convert your RMB's back to foreign currency in China.