China travel guide

CHINA TRAVEL

YOUR TRAVEL GUIDE TO CHINA
China Travel Guide

Currency

Currency The base unit of Chinese Currency is the Yuan (•), formally called the renminbi (CNY) and colloquially known as kuai. One yuan is divided into 10 jiao or mao. One jiao is divided into 10 fen, though these last are effectively worthless. In Cantonese region, widely spoken in Hong Kong and Macau, jiao and fen are called ho and sin respectively.

The renminbi is issued by the People's Bank of China, the central financial institution under government control.

Nowadays as well as in the ancient times, paper money is still the main form of exchange, accessible in •100, •50, •20, •10, •5, and •1 bills, with a similar range of jiao. You rarely will use fen coins or see odd brass •1 pieces. Take care that at present, there are many Chinese yuan forged.

Hong Kong and Macau have its own currency system. The Hong Kong dollar(HK$) is the currency of this city, which is divided into 100 cents and 1000 mils, while in Macau the currency is Pataca (MOD$ or ptca), which is divided into 100 avos.
Both currencies are approximately comparable to the yuan, but the Hong Kong dollar has an especial significant in the area. It is accepted in Macau and southern China's Special Economic Zones, and it is also available overseas. By contrast, either, yuan or pataca, are not use outside China or Macau correspondingly, and they donít have any real value in rest of the world. Besides, some tourist hotels in Beijing, Shanghai and Guangzhou accept payment in Hong Kong or US dollars. So, it is recomendable to carry Hong Kong dollars if you plan to go to the southeast China, and convert back your yuan or pataca money at a bank before you leave China.

The current exchange rate (2008) is approximately:
 - •7 to US$1
 - •14 to £1
 - •10.5 to Ä1.

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