China’s official currency, the renminbi (RMB), is a cornerstone of its thriving economy. Whether you're planning a trip or conducting business, this guide simplifies everything you need to know about the Chinese yuan—from exchange strategies to spotting counterfeit bills.
Why Understanding Chinese Currency Matters
Mastering the basics of RMB ensures:
✔ Accurate transactions (no confusion over prices).
✔ Better exchange rates (saving you money).
✔ Reduced risk of counterfeit notes or scams.
👉 Discover expert tips for exchanging RMB
Chinese Currency Basics
What Is China’s Money Called?
- Renminbi (RMB): Official term (means "People’s Currency").
- Yuan (CNY): Informal name (used in exchange markets).
- Kuai: Spoken term (e.g., "10 kuai" = 10 RMB).
Symbols: ¥ or 元 (written as "5元" = 5 RMB).
Banknotes & Coins in Circulation
China’s currency includes these denominations:
| Banknotes | Coins |
|-----------|-------|
| 1, 5, 10, 20, 50, 100 RMB | 0.1, 0.5, 1 RMB |
Key Note:
- 1 mao/jiao = 0.1 RMB (like cents in USD).
- Prices are often spoken as "5 kuai 5 mao" for 5.50 RMB.
How to Exchange Chinese RMB
Best Methods (Ranked by Cost)
Local Banks
- Pros: Best rates, no fees.
- Cons: Long queues, language barriers.
ATMs
- Pros: Convenient (found everywhere).
- Cons: Fees (~$5 per withdrawal).
Airport/Hotel Kiosks
- Pros: Immediate cash.
- Cons: Worst exchange rates.
Pro Tip: Combine methods—get small amounts at airports, then withdraw larger sums at ATMs.
Avoiding Counterfeit Money
- Withdraw from bank ATMs (not third-party).
- Avoid black-market exchanges.
Check security features:
- Watermark (Mao’s portrait under light).
- Raised collar texture on Mao’s image.
Digital Payments in China
Mobile Payment Apps
- WeChat Pay/Alipay dominate transactions.
- Catch: Requires a Chinese bank account (not tourist-friendly).
Digital Yuan (e-CNY)
China’s blockchain-powered currency is rolling out for:
- Faster, secure transactions.
- International trade (reducing USD reliance).
FAQs
1. Can I use USD in China?
No. RMB is mandatory for most transactions. Exchange USD in advance or withdraw RMB via ATMs.
2. Where’s the safest place to exchange money?
Stick to official banks or ATMs inside bank branches.
3. How do I spot fake RMB?
Look for:
- Color-shifting security threads.
- Hidden "100" watermark (tilt the note).
4. Are credit cards widely accepted?
Rarely. Cash or mobile payments (Alipay/WeChat) are preferred.
5. What’s the future of Chinese currency?
The digital yuan aims to modernize transactions and boost global trade.
Final Tips
- Carry small bills (avoid 100 RMB notes for tiny purchases).
- Learn basic Mandarin numbers for bargaining.
- Check exchange rates daily for optimal timing.
Ready to navigate China’s currency like a pro? Start with these strategies!