Chinese currency is called Renminbi, which is issued by the People's Bank of China. The unit for Renminbi is Yuan, and also Jiao and Fen. The abbreviated symbol of Renminbi Yuan is RMB￥.
Foreign currency exchange
In China, such foreign currencies as US dollar, pound, French franc, German mark, Japanese Yen, Australian dollar, Austrian Schilling, Belgium Franc, Canadian Dollar, Hong Kong dollar, Swiss franc, Danish Krone, Dutch florin Guider, Norwegian Krone, Swedish Krona, Singapore dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, and Finish Markka, etc. can be converted into RMB. Banks can provide foreign currency exchange business.
According to existing foreign exchange control laws and regulations of China, foreign currency circulation and foreign currency-based settlement are prohibited in the territory of China. For the convenience of foreign guests and Hong Kong, Macao and Taiwan compatriots' consumption in China, Bank of China and other appointed banks provide foreign currency exchange business for 22 kinds of foreign currencies and New Taiwan dollar as well as such business as foreign currency traveler's check, foreign credit card in exchange for RMB.
In addition, some hotels, restaurants or stores can also convert foreign currency into RMB. If the converted RMB notes are not used out, they may be converted into foreign currency within the period of validity of six months before the date of departure and then taken out of China. Exchange rate varies under different circumstances. Buying rate is used for traveler's check, credit card and remittance conversion; selling rate is used for foreign currency in exchange for RMB, including foreign currency cash; and cash buying rate is used for RMB in exchange for foreign currency.