Money Matters

Currency

Mainland China uses Renminbi, which translates to “the People’s Money”. Other, common, terms for the Renminbi, RMB in shortened form, are yuan, pronounced “you-on”, or kuai, pronounced “kwhy”. It is common to see the Chinese currency noted as “CNY” in foreign exchange bureaus and banks. The abbreviation stands for Chinese Yuan. The symbol is ¥.

Despite officially being part of China, Hong Kong still uses the Hong Kong Dollar (HK$) and Macau uses the pataca (M$ or ptca). Both the HK$ and the M$ have exchange rates that are more or less equivalent to the RMB. Note that RMB can’t be used in some places of Hong Kong and Macau so you’ll need to exchange money once you’re in these areas.

You may exchange traveler’s checks or cash at most banks or the exchange counters in hotels.

Credit Cards

Major credit cards such as Master Card, Visa, JCB and American Express are widely accepted in China but you can’t depend on them all the time. Certainly at international-standard hotels, upscale restaurants and shops and tourist offices you will be able to use them. However, sometimes you have to pay cash. So please check on the acceptance of your credit card before you purchase.

Money Wire Transfer

Wire Transfer using a service called Money Transfer is available and is a joint venture between the China Courier Service Corporation and Western Union. This service allows instant money wiring to and from 100 countries.