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| Money |
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| China's legal tender is Renminbi (RMB).
Foreign currencies can not be used directly in China, though some
shops illegally accept foreign currencies. |
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| The basic unit of RMB is yuan. 1
yuan (or kuai) =10 jiao (or mao), and 1
jiao = 10 fen. RMB is available in both paper notes and coins.
The denominations of paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan;
5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are
1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The symbol of RMB is
¥. |
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| Foreign currencies may be converted into
RMB at all banks, bank branches or hotels at the exchange rate quoted
on the foreign exchange marker on the day. There are 21 quoted exchange
currencies: |
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Australian dollar
( $A )
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Canadian dollar
(Can$)
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French franc
(FF)
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Japanese yen
(¥)
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Swiss franc
(SF)
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US dollar
(US$)
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Austrian schilling
( Sch )
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Danish krone
(DKr)
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Dutch guilder
(FI)
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Macao pataca
( MOP)
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Singapore dollar
(S$)
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Belgian franc
( BF )
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European Monetary Unit
(EMU)
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Hong Kong dollar
(HK$)
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Malaysia ringgit
(MYR)
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Swedish krona
(SKr)
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Australian dollar
( $A )
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Finnish markka
(Fmk)
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Italian lira
(Lit)
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Norwegian krone
( NKr)
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UK pound sterling
(£)
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| Black market in foreign currency
is forbidden in China. People may approach you in front of hotels,
at tourist spots or at banks for a black market exchange. You should
be extremely careful. The exchange rate may be attractive--higher
than the bank rate--but it is illegal and you risk being cheated.
Sometimes these people don't give you the right amount, since you
don't have time to count the money or, even worse, they may give you
fake notes or a bundle of plain paper with a few notes on the top. |
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| When you exchange money at the banks, you
should ask for a certificate, with which you can change RMB back to
foreign currency when you leave the country. |
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| The Bank of China is the bank which specialises
in handing credit cards issued in foreign countries. They include
Visa, MasterCard, Diner's Card, American Express, JCB, Million Card
and Federal Card. |
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| These cards can be used at major hotels
and shopping centres where the Bank of China has branches. In the
event that you lose your card, you should report to one of the branches
of the Bank of China and apply for a replacement. |
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| The Bank of China has an agreement with
foreign financial organizations on selling, cashing in and compensating
for traveller's cheques. |
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