Types of Money in China
- Chinese currency denominations can be confusing for foreigners.Gambling of chinese coins image by yang xiaofeng from Fotolia.com
Chinese money is called renminbi (abbreviated as RMB, which means "the people's money) and is denominated in three types: yuan, jiao and fen. Chinese currency is the only money accepted in the People's Republic of China and foreigners traveling in China should be aware that outlying areas will not take credit cards and may not accept traveler's checks either. So it is prudent to carry enough cash to pay your way. You may freely exchange your currency to Chinese money but you will need your receipt to change any unspent monies back at the end of your trip. - The yuan is primarily paper money. There are old and new bills in circulation so it is important to pay attention to what you give as payment and what you receive as change. Older bills generally have pictures of workers or ethnic groups on them. Newer bills have a picture of Chairman Mao on them and the denomination is prominently displayed in Arabic numerals in the center of the bill. The highest denomination is 100 yuan so, if you are buying something expensive in cash, you will need a sack of bills to complete the transaction. Yuan bills come in values of 100, 50, 20, 10, 5, 2, and 1 RMB. There is a also a silver 1 yuan coin. Be aware that there are also bills for jiao and fen, both of which are worth less than yuan. Take note of the differences between these bills to avoid confusion when paying merchants.
- Jiao comes in paper and coin form. One jiao is worth one-tenth of a yuan. Jiao come in denominations of 5, 2, and 1 and they are physically smaller bills than yuan. A bronze-colored 5 jiao coin is easy to spot because it is the only bronze Chinese coin in circulation. The 1 jiao coins are small---a silver-colored one is round and displays a large, centered 1. The tiniest jiao coin, also 1 jiao, is slightly octagonal and gold in color. Jiao is most commonly mistaken for yuan so take note of the differences between the two.
- Fen comes in the forms of two paper bills and three metal coins. Fen is worth one-hundredth of a yuan, one-tenth of a jiao. Fen isn't very useful because it has almost no buying power for a city dweller or tourist. The 5 fen coin is round and gold-colored. The 2 fen bill is bluish, very small, and shows a picture of an airplane, with no Arabic numbers. These bills are rarely encountered. The 2 fen coin is round, silver and displays a 2. The 1 fen bill is reddish-brown with a picture of a truck on it and the 1 fen coin is small and gold-colored with an Arabic 1.
