Chinese currency is called Renminbi (people's money) which is often abbreviated as RMB. It is issued by the People's Bank of China and the sole legal tender for both Chinese nationals and foreign tourists. The unit of Renminbi is yuan and the smaller, jiao and fen. The conversion rate among the three is: 1 yuan = 10 jiao =100 fen. Chinese people normally refer to Yuan as Kuai, and Jiao as Mao. RMB is issued both in notes and coins. The denominations for paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations for coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.

A foreigner can bring cash and change it at the Bank of China for RMB. The exchange rate is always floating, therefore, you will receive the latest exchange rate when you enter into a Bank of China. Credit cards can also be used. At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB and Diners Card. Holders can draw cash from the Bank of China and pay for purchases at exchange centers at the Bank of China, appointed shops, hotels and restaurants. However, this applies only in major cities. Credit cards are not always accepted for the purchase of rail and air tickets. ATMs that accept foreign cards are few and far between. Do not rely on them as a way of obtaining cash in Mainland China.

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