Planning your Trips to China 4

9. Money: This is the most important part for traveling China. The currency that China using is RMB (Ren Min Bi in Mandarin). The dollar is name “Yuan”. One “Yuan” has ten “Jiao” (one Jiao is equal to ten cents). These have notes or coins. The biggest money note in China is RMB100; then 50; 20; 10; 5 and 1 dollar notes. (the “Fen” notes are seldom accepted nowadays – one Jiao is equal to 10 Fen) There are 1; 10; 20; 50 cents coins. If you are going to pay for your bill of any kinds, you might hold all your coins in your hand, then people will pick the right amount for you.
You can even use USD in the Airport Shops or some Foreign Trading Shops. To my experience it is better to exchange your local currency in your hotel which you are staying. The exchange rate is standardized by the China Bank. Never exchange your currency in your local and other transit Airports. However, you might need some small amount of RMB for your traffic fee to get to your hotel.. Please note that there might be a limit amount of the RMB that you can exchange.
If you have a large sum of money that you want to exchange, then you have to go to the only Two Banks for the exchange (The China Bank and the China Commercial Bank). Others than these two banks will not exchange your currency.

Most Important Rules that save you from all the trouble in China is that “Don’t Greedy” in terms of money and women!
Outside your hotel or on the street or near the Banks area, there will be many people approach to you and saying that they will offer you a much better and higher rate for your currency exchange. There is a high risk that they will give you fake money which you certainly don’t know how to recognize. It is also forbidden to exchange your currency privately instead of from the banks or hotels.

Onr thing you have to bear in your mind is that your local money that you are going to exchange in the hotel must be in perfect condition without broken corner note. Or else, the hotel can refuse to exchange your money.