Traveling around China, you’ll be using the official currency: renminbi. However, in the lead-up to your trip, you may have heard or read that you’ll be using Chinese yuan instead. Which is it?

Essentially, they’re the same: The Chinese yuan is a unit of renminbi, while renminbi refers to the overall currency, but the two terms are used interchangeably to talk about the official “People’s Currency” of China. Issued by the People’s Bank of China, it’s been in use since 1948 and is among the top-five traded currencies in the world.

Here’s everything you’ll need to know about Chinese currency before your visit.

Travel Money in China: Everything You Need to Know

In this guide to banking, money, and official currency in China, you’ll get our best travel money tips, from finding the most reliable Chinese banks to using foreign cards to gauging the average prices of goods and services. Read on to learn more about navigating the local currency and banking system in China.

Chinese Renminbi Basics

  • Currency Code: CNY (abbreviation: RMB)
  • Symbol: ¥
  • Forms: Banknotes, coins, and digital
  • Division: 1 renminbi/yuan = 10 jiao
  • Countries of Use: China
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Denominations

Renminbi or Chinese yuan is available in three physical forms: banknotes, coins, and digital.

  • Banknote denominations: ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
  • Coin denominations: ¥0.1, ¥0.5, ¥1 (available but rarely used: ¥0.01, ¥0.02, ¥0.05)
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Renminbi Exchange Rates

Be sure to compare rates and fees at different banks and currency-exchange offices to ensure you get the best exchange rate.

The current exchange rate for USD to RMB is: US$1.00 = ¥7.26, though it constantly fluctuates.

Because exchange rates are subject to change, it’s essential to check the rates before making any currency exchanges. Use an exchange rate calculator to check the current exchange rate, both before and during your visit to help you better track your spending. It’s also recommended to compare rates and fees at different banks and currency exchange offices to ensure you get the best exchange rate.

How to Get Renminbi

As most banks likely won’t have yuan in stock, it’s best to get Chinese currency upon your arrival in China. Most major airports will have ATMs and currency exchanges dispensing Chinese banknotes.
While convenient and easy, exchanging your home currency for Chinese yuan or using a debit card to withdraw money at the airport will likely come at a higher exchange. Luckily, there are plenty of other places to get your hands on local currency for your Chinese trip.

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Currency Exchanges

In major cities, like Beijing, you’ll find plenty of currency-exchange stores and kiosks. However, it’s important to be wary. There’s no official list of authorized money changers, apart from banks, so exchanging currency at one of these comes with the risk of counterfeit RMB or terrible exchange rates.

Some hotels can also exchange money for you, but often at a high rate.

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Cash Advances at ATMs

One of the most secure ways to withdraw cash is from an ATM, which you’ll find at banks, stores, and popular tourist attractions. They’ll be easy to find in major cities, less so in rural areas. Due to this, it’s a good idea to stock up on cash if you’ll be traveling outside the cities.

Not all ATMS will accept an international debit card, so it’s best to stick to ATMs from major banks, like Bank of China, or check the ATM for pictures of the major credit cards accepted.

Practice common sense and be aware of your surroundings when making ATM withdrawals. It’s best to only take out money in busy, well-populated areas and examine the machine for card readers that will capture your debit-card data.

It’s also smart to check with your bank regarding foreign transaction fees and international ATM fees before you leave.

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Exchanging Currency at a Local Bank

To ensure you’re getting the best exchange rate and exchange currency safely, head to one of China’s numerous bank branches. Bank of China, ICBC, China Construction Bank, or HSBC are all good options and don’t require a local bank account. You may encounter longer waits or a language barrier, but it’s also the safest way to exchange currency and get the best rate.

Cost of Goods and Living in China

The favorable exchange rate means that it’s easy to travel affordably in China. However, major cities, like Hong Kong and Macau, will be pricier than other cities.

Here are the average costs of some expenses you may have as a traveler:

  • Average daily expenditure: US$80 (budget) to $133 (high-end)
  • Taxi ride: From $2
  • Overnight Trains: $13 to $100, depending on route
  • Three-star hotel in city center: $100
  • Meals: $22 to $30

Importing and Exporting Renminbi

You’re allowed to bring a maximum of ¥20,000 into and out of the country.

Counterfeit Renminbi

Although counterfeit yuan does circulate, recent crackdowns have helped tackle the issue and made it less of a problem. However, you should still be alert and only exchange foreign currency for RMB at authorized money changers or withdraw money from authorized ATMs.

There are a couple of ways to identify if you have fake yuan:

  • Hold it up to the light and look for a watermark on the left-front side
  • Look for the golden security line
  • Real RMB should have texture, while fake bills will feel smooth to the touch
  • If images or lettering look blurry, it may be fake

If you suspect you’re in possession of fake RMB, go to the nearest police station to hand it over and report the issue. Holding and distributing fake RMB is a serious offense in China, so the police will likely want to know as much information as possible about where you got it from. Be honest and forthright.

Using US Dollars in China

In general, most shopkeepers and merchants won’t accept US dollars. There may be some exceptions in big, touristy cities and destinations, but it’s best to stick with Chinese currency rather than relying on foreign currencies.

Using Credit Cards in China

Most big cities, like Beijing, as well as popular tourist attractions, big stores, hotels, and formal restaurants, accept international cards, primarily MasterCard, Visa, and American Express. Contactless payments, like Apple Pay, will mainly only be an option at major hotels, restaurants, and stores. Local apps, like Alipay and WeChat, are a popular way for young people to make mobile payments.

However, it’s still a good idea to carry plenty of Chinese yuan at all times for smaller purchases, especially if you’re planning on spending money outside major cities. Traveler’s checks are not widely accepted, so it’s best to make cash withdrawals before you head to more rural areas.

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Credit Card Fees

Before departing for China, remember to inform your credit-card company of your travel plans so your transactions won’t be marked as fraudulent—and you won’t lose access to your cards while traveling.

If you opt for a cash advance, you may be subject to hidden fees for foreign transactions or currency conversion. Withdrawing Chinese currency from out-of-network ATMs can also incur a service charge.

Cultural Sensitivities Around Money

From tipping to haggling in traditional markets and small stores, here’s how to navigate some of the cultural differences and sensitivities surrounding money in China.

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Tipping Etiquette in China

In most cases, tipping is actually considered rude in China, so there’s no need to tip your waiter at restaurants or for services like taxi rides. However, it is appropriate and expected to provide a tip in Chinese yuan to any tour guides or drivers you have during your time in the country. Between ¥70 and ¥130 per day is appropriate for a tour guide, and ¥35 to ¥75 for a driver.

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Bargaining and Haggling

Haggling is common practice in China, typically taking place in small shops and street markets. As a foreigner, you’ll likely be initially quoted a higher price for things like souvenirs, so if you’re shopping in markets and non-chain establishments, you can usually barter it down to get the best deal.

Here are some tips on how to respectfully and politely haggle in China:

  • Do some research on average prices before going out. That way, you can know what to expect and help determine a fair price for both you and the vendor.
  • Bring small bills in Chinese currency.
  • Go in confident and start off the exchange with a smile and a friendly attitude.
  • Internally decide on the price you’re willing to pay before starting the haggling process. Start by offering around 50% of that price to start off negotiations.
  • Most shopkeepers will have calculators on hand to pass back and forth to ensure everyone is on the same page price-wise.
  • It’s ok to walk away if the seller won’t meet your price. In some cases, this tactic results in the seller calling you back with a better price.
  • Don’t insult the seller by offering a bad or unreasonably low price. This is why doing research beforehand is a good idea.
  • Purchasing in bulk can score you a better deal (and then you have presents to take home as well).

Haggling is a fun way to shop and interact with the locals while in China, so don’t take it too seriously. Be respectful, do your research, and know your limits.

Preparing for Your China Trip

Obtaining a visa is an essential part of planning your trip. At Entriva, we can easily and efficiently help you with every aspect of getting a China visa. Start your visa application process.

For more information on other aspects of travel to China, including travel requirements, visa extensions, and health and safety, visit our China content hub.