Asia

China Currency and Exchange

Yuan

The currency of legal tender in China, corresponds to the Renminbi whose abbreviation is RMB.

Hardly anyone knows the Chinese currency by that name since the usual denomination of it is Yuan元 to which it is abbreviated WBC.

10 Yuan banknote

In recent years, the power of the country has increased substantially, transporting it to be among the three largest economies on the planet.

This fact has managed to give currency value of the country and therefore purchasing power for the Chinese.

Currently the change is as follows

1 Euro equals 8 Yuan

banknotes and currency

The banknotes are made up of 1, 5, 10, 20, 50 and 100 Yuan.

Each Yuan is subdivided into 10 jiao but its use is scarce.

1 Yuan coin

1 Yuan coin

We found coins of various jiaosbut the most common currency is 1 Yuan.

Given the large number of banknote counterfeits existing in the country, we must be careful when they give us the change and avoid exchanging money on the street at all costs or unreliable places.

1 Yuan bill

1 Yuan bill

In most establishments, it is very common to check the authenticity of the bills in some machinesespecially those of 100 Yuan.

Banks

The chinese banksThey offer a change not very good to the traveler, so we must calmly look for the one that offers us the best option, but unfortunately there are not many places to look.

Bank of China

Bank of China

The Bank of Chinais the best positioned but the change is still not good.

To change money it is necessary to show the passport and visa otherwise they will deny us the operation.

ATM

The best option is to use the ATMs that fill the entire country.

Not all banks allow foreigners to withdraw money and in our case we were only able to obtain it in three.

  • Bank of China
  • China Construction Bank
  • Bank of Beijing

The commissions are highly variable from one to another, being the Bank of China the most suitable.

The instructions are in english.

We must always have forecast when carrying money above so as not to find ourselves without , because in some places there are not an abundance of banks or they are not suitable for use by foreigners.

The use of credit cards is very difficult if we do not use a Chinese card such as Union Pay.

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