The official currency in China is the Renminbi (RMB or CNY- Chinese Yuan). The basic unit is the Yuan (also known as “kuai”) ,which is used to express all quantities including prices in shops etc. The Yuan comes in paper notes of 1, 2, 5, 10, 50 and 100 Yuan notes, 1 Yuan coins. 1 Yuan equals 10 Jiao (or Mao).
In the large cities, banks and money changers should accept $US and £ sterling. But in more remote areas better have some RMB beforehand.
Credit and Debit cards should be accepted at major branches of The Bank of China, there may be fees from the bank and your card provider. Use cards with Visa, Maestro or Mastercard logo. Withdrawals may be limited to £200 per time.
These will be accepted in major international standard hotels, restaurants and department stores. Elsewhere most vendors and services will expect payment in cash.
We do not recommend taking travellers cheques as they can be difficult to exchange in the hotels and banks.
It’s very handy to have some RMB on your person before arriving in China which is easily obtained from your Post Office. On-line money exchange providers in the UK offer the lowest rate of commissions so you will get more for your money cashing in this way. At the time of writing the exchange rate is approx £1 = RMB 9.13.
We recommend that you contact your bank before departure to tell them you are travelling to China and you will be using the ATM machines there.