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Money

Exchange rates for Chinese Yuan As of May 2026: - US$1 ≈ ¥6.8 - €1 ≈ ¥8.0 - UK£1 ≈ ¥9.2 - Japanese ¥100 ≈ ¥4.3 - HK$1 ≈ ¥0.8 - SG$1 ≈ ¥5.3 - South Korean ₩1,000 ≈ ¥4.6 - NT$10 ≈ ¥2.1 Exchange rates fluctuate. Current rates for these and other currencies are available from XE.com

The official currency of the People’s Republic of China is the Chinese yuan, known as the renminbi (人民币 rénmínbì, “People’s Money”), denoted by the symbol ¥, international currency code CNY. All prices in China are given in yuan; the Chinese character is 元 (yuán), or in financial contexts (e.g. cheques and banknotes) 圆. A price may be shown as, for example, 20 元, 20 rmb, RMB 20, 20 yuan or ¥20; we use the latter form here. In informal spoken Chinese and sometimes in spoken English, 块 (kuài) may be used instead, much as “buck” can be used in the U.S. or “quid” in the UK. Some Chinese software will display a bigger “full width” character (￥) to differentiate it from the Japanese yen, which uses the same symbol.

The Chinese yuan is not legal tender in the Special Administrative Regions of Hong Kong and Macau, which issue their own currencies. However many businesses will also accept Chinese currency, albeit at an unfavorable exchange rate.

Cheat Sheet - 10 jiǎo is 1 yuán (元), the base unit - yuán is commonly called kuài (块) - jiǎo is commonly called máo (毛) - 10 is shí (十) - 100 is bǎi (百) - 1,000 is qiān (千) - 10,000 is wàn (万)

There are 10 jiǎo (角) in a yuan. A coin worth ¥0.1 will thus say 壹角 (“1 jiǎo”), on it, and a price like ¥3.7 would thus be read as “3 kuài 7”. The jiǎo is rapidly heading for extinction, although you will get the odd 1 or 5 jiao coin or note as change. In spoken Mandarin, the jiǎo is usually called the máo (毛). A tenth of a máo is a fēn (分); you may see this digit on prices, but it will be rounded off if you pay in cash.

In spoken language, the trailing unit may be dropped. For example wǔ bǎi sān, literally “five hundred three”, means 530 or “five hundred three tens”. The number 503 would be read as wǔ bǎi líng sān, literally “five hundred zero three”. Similarly yì qiān bā, literally “one thousand eight”, means 1800. When using larger numbers, Chinese has a word for ten thousand, wàn (万), and thus for example 50,000 becomes wǔ wàn, not wǔ shí qiān.

Coins: ¥0.1 (1 jiao; dull silver or shiny silver), ¥0.5 (5 jiao; gold or shiny silver), ¥1 (silver)
Bills: ¥0.1 (1 jiao), ¥0.5 (5 jiao), ¥1, ¥5, ¥10, ¥20, ¥50, ¥100

A lot of Chinese currency will be in the form of bills – even small change. Bills are more common in some areas, coins in others, but both are accepted anywhere. Even the jiao, at just one tenth of a yuan, exists as both a bill (the smallest) and two different coins. Conversely, one yuan exists as a coin and as two different bills. You should be prepared to recognize and handle either version.

Not all businesses accept cash, even if legally required to, and will often not have any change available. If you wish to use cash, prepare small amount bills (¥1, ¥5, ¥10, ¥20) and coins just in case. You can redeem small amount bills and coins at a bank. At most banks, you can redeem a “pocket money bag” (零钱包), which contains different small amount bills and coins. You can select the default configuration or a custom configuration, and the redeem amount is in units of ¥100. Each bank has a different design for the “pocket money bag”. If you don’t want to wait at bank or the bank is closed, you can redeem pocket money at supermarkets or convenience stores because they always have a lot of pocket money on hand.

Foreign currency

Foreign currencies, including the Hong Kong dollar or U.S. dollar, are rarely seen as a substitute for yuan except in some five-star hotels, and in some shops on the Hong Kong-Shenzhen border. Many shops won’t accept other currencies.

Counterfeiting

With the popularity of mobile payment apps, counterfeit banknotes are less of a problem than before, but you should still be alert for them. Banknotes of ¥20, ¥50, and ¥100 are the main risks. When you’re given one of these bills as change, scrutinize it to check. The main focus is on the texture of different parts, metal line, change of colours under different lights. Everyone has their own method, so just ask.

When you pay with a ¥50 or ¥100 banknote in a shop or taxi, it’s socially accepted that you note down the last few digits of the banknote you are handing over. This is in case they claim your banknote is fake, then these remembered digits will ensure they give you the same note back.

Some unscrupulous money exchangers in border areas give counterfeits to travelers. Go to a bank if you’re not experienced in checking notes. Major border crossings often have a currency exchange counter run by one of the large banks; these are safe to use.

It is common for cashiers to scrutinize banknotes and some of the more expensive supermarkets even have machines that can spot counterfeits. This is standard practice in China and offence should not be taken.

Counterfeits from ATMs are not common, but some people are still concerned. If you are worried, withdraw your money from the bank counter and say “I worry about jiǎbì (counterfeit)”. Bank staff are understanding about this.

Currency exchange

Although still restricted, the yuan is readily convertible in many countries, especially in Asia. The Hong Kong dollar, U.S. dollar, Canadian dollar, euro, pound sterling, Australian dollar, Japanese yen, South Korean won, and Singapore dollar can be easily exchanged in China. Currency should only be changed at major banks (Bank of China in particular), or with the licensed money changers usually found at airports or high-end hotels, although the latter usually offer terrible rates. Private money changers are uncommon.

You should avoid the black market for currency exchange as counterfeiting is a major issue, especially with money changers in markets and hanging around large banks.

Foreign exchange is under tight control in China. In a bank, it usually takes 5 to 60 minutes to process the exchange. Bank branches in major cities usually know the procedure and are relatively quick, while even main branches in provincial cities can take much longer.

You must fill out a form, and your passport will be photocopied and scanned. Keep the exchange receipt if you plan to leave the country with larger sum of money. Not all banks with the “Exchange” logo will exchange money for non-customers or for all currencies in cash. For example, Standard Chartered will only exchange cash for its customers and will only do US dollars and Hong Kong dollars in cash (but opening an account is quick and doable even on a tourist visa, and they offer a better cash exchange rate than most local banks).

Exchanging U.S. currency for yuan can be simple, but expect the bills to be heavily scrutinized before the exchange is processed. Opportunities to buy yuan before entering China, for example when coming overland from Hong Kong or Vietnam, should be taken, as the rates are better. The same is true going the other way — selling just across the border will often net a more favorable rate. You may only import or export a maximum in local currency of ¥20,000 in cash, and sums greater than US$5,000 cash in foreign currency require paperwork.

Most international banks will allow you to get a cash advance via a debit or credit card at a Chinese ATM. However, the rates for such actions are often unfavorable and may include steep service charges. It’s useful to carry an international currency such as pounds sterling, U.S. dollars, or Japanese yen to fall back on should you not have access to a cash machine.

If you are planning to stay a long time in China, e.g. for work or study, you may want to open a Chinese bank account. See Working in China#Banking for more information.

Mobile payments

ATMs

Many ATMs will only accept Chinese bank cards. ATMs from three of the big four banks are likely to accept foreign (Visa, MasterCard, AmEx, Diners) cards: Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), and China Construction Bank (CCB). Although ATMs from other banks are abundant, state they accept Visa/MasterCard/Cirrus and have an English option, they are not likely to work with an international credit/debit card unless the ATM operator is a foreign big-name bank (HSBC, Citibank, Bank of East Asia).

Before traveling, find out if your home bank charges a currency conversion fee (often between 0-3%) on such transactions. It is worth opening a zero conversion fee account beforehand if possible.

If you have trouble because the ATM requires a 6-digit PIN and your PIN only has four digits, try adding two zeros before it. If you find yourself in a town with a Bank of China branch but no international network-capable ATM, it is usually possible to get a cash advance on a credit card inside the bank for a 3% fee. Just ask.

UnionPay, the local ATM card network, has made agreements with various ATM card networks around the globe. If your card is covered, any ATM in China will accept withdrawals and balance inquiries from your card. While UnionPay ATM and/or debit cards are now issued by banks in a number of countries, ATM cards linked to NYCE and Pulse in America (also applies to cash advances from Discover cards), Interac in Canada, and LINK in the UK are covered.

If your bank is part of the Global ATM Alliance, Bank of Nanjing is the local partner for fee-free withdrawals except for Bank of America, where China Construction Bank is the local partner, and Barclays, which has no local partner.

Credit cards

Outside of star-rated or chain hotels, major supermarkets, and high-class restaurants, foreign credit cards like Visa and MasterCard are generally not accepted and most transactions will require cash or mobile payments. Many department stores and large grocery stores have point-of-sale terminals for Chinese bank cards, but most foreign cards are not supported.

Most Chinese banks and many merchants use the UnionPay system, so a foreign card that supports UnionPay will probably be widely accepted. Several countries now have banks that issue UnionPay credit cards, and UnionPay supports Discover and JCB (Japan Credit Bureau) cards as well. Visa, MasterCard and American Express meanwhile are less common. Most convenience stores take UnionPay, as do most restaurant chains, stores selling high-value items, grocery store chains, and most ATMs. In 2017, it was reported that the new Discover cards with chip would require multiple attempts or did not work at all in most of the POS machines. Do not rely on credit cards as your sole payment method.

Consider signing up for an international card that can interact with UnionPay. If you have a bank account in Hong Kong then you may be able to open an additional renminbi account with a UnionPay card which is convenient for traveling in the mainland.

As with debit cards, Chinese retail clerks will usually present the POS credit card terminal to the cardholder for entry of a PIN for chip-and-pin cards. Visitors from sign-only countries should attempt to explain that fact to the clerk (while chip-and-sign cards will cause most terminals to automatically skip the PIN prompt), and sign the receipt as usual.

Costs

China is affordable for Western visitors, though it’s noticeably more expensive than much of the Indian subcontinent and Southeast Asia. Unless you are heading to Hong Kong or Macau, China is generally much less expensive — from a traveler’s perspective — than industrialized countries. If you eat local food, use public transportation and stay in budget hotels or hostels, then ¥200-300 is a serviceable daily backpacker budget. However, if you want to live an extravagant lifestyle and eat only Western food and stay in luxury hotels, then even ¥3,000 a day would not be enough. As a general rule, basic items are relatively cheap, but the prices of luxury items are exorbitant, even by the standards of Japan and Western countries. Western-branded products in particular are extremely expensive, sometimes more than double what you would pay for the same items in the U.S.

There is a high degree of variation in prices depending on where you go. Major cities like Shanghai, Beijing and Guangzhou generally cost more than smaller cities and rural, inland parts of the country. The boom towns of Shenzhen and Zhuhai are also more expensive than the national average. Nonetheless, many Hong Kong or Macau residents (who live just across the border from Shenzhen and Zhuhai, respectively, and who are generally more affluent than mainlanders), often go to these cities to shop, play golf, and enjoy services like massage as prices are far lower.

Tipping

As a general rule, tipping is not practised in China. When leaving a tip on your table, it is common to see a waiter chase after you to return the money you “forgot” to take.

In China, compliments over service is usually expressed in implicit ways. If you are a smoker, you are expected to pass a cigarette to the service staff or manager. If you don’t do so, you will be seen as selfish and egocentric. It is common to buy a bartender or pub owner a drink.

In a hotel, it is not customary to tip for room service, airport service, taxis or anything else, although those that routinely serve foreign tourists may allow tipping for tour guides and associated drivers. Masseurs in some areas such as Shenzhen have been known to ask for a tip. However, if they become pushy, most Chinese see this as extortion and an immoral practice, so just be firm if you don’t wish to give any.

Taxi drivers do appreciate a few yuan rounded up if they have made an extra effort for your journey; however, it is by no means required.

Shopping

Bargaining

You can bargain over almost anything, and sometimes it’s even possible to ask for discount in a restaurant at the last minute before paying the bill. Many restaurants or bars will willingly offer a free dish or two (such as a fruit plate in a KTV) if you have made a particularly large order. Shopping malls are less willing to bargain, but why not ask “Will I get a gift?”

Prices are almost always posted, but they are all substantially marked up, normally 2-3 times. It’s often better to buy souvenirs somewhere just a few blocks away from the tourist spots.

It is hard to tell what price to offer when starting negotiations. Depending on the city, product or market in question, 5% to 50% of the posted price or vendor’s first offer is common. If someone offers you too-great-to-be-true discount, it could be a sign that the goods are of less-than-great quality. The rule of thumb is to walk around and compare. In tourist spots, it’s common to ask for a 30-50% discount, but in a place catering to local people, asking for a 50% discount sounds foolish.

In tourist places, don’t take what merchants say seriously. When you ask for a 50% discount, they may be appalled and show scorn; it’s a favorite drama.

Basics

Unless you have a supermarket within walking distance of your hotel (see next section below), the most convenient option for basic supplies and groceries will almost always be a convenience store. Major chains in China include Kedi, Alldays, FamilyMart and 7-Eleven. Many convenience stores sell individual tissue packets, which are a necessity for touring China as many public restrooms do not have toilet paper. Some discount and mid-market department stores in China also have groceries sections.

Western goods

Areas with large expatriate communities like Beijing, Shanghai, Guangzhou and Shenzhen have small specialty grocery stores catering to those communities. They usually stock imported snacks, alcohol, and specialty groceries such as meats and cheeses and are often very expensive.

Several Western-owned supermarket chains are widespread in China: American Wal-mart (沃尔玛 Wò’ěrmǎ), German Metro (麦德龙 Màidélóng), and French Carrefour (家乐福 Jiālèfú). All have some Western groceries, often at high prices. However, the availability of foreign products diminishes at their branches according to the size of the city. Metro is probably the best of these; in particular it usually has a fine selection of alcohol. Asian-owned chains include Japanese AEON (永旺 Yǒngwàng), Taiwanese RT-Mart (大润发 Dàrùnfā), South Korean LOTTE Mart (乐天玛特 Letianmate) and Filipino SM; they also carry imported goods. Some larger Chinese chains such as Beijing Hualian (北京华联 Běijīng Huálián) also carry a limited selection of foreign products.

Tobacco

See also: Shopping in China § TobaccoMain article: Tobacco

Smoking is quite common, especially among men, and cigarettes (香烟 xiāngyān) are generally cheap. Cigarettes can be purchased from small neighbourhood stores, convenience stores, counters in supermarkets and in department stores. Rolling tobacco and papers are rare in urban China. Lighters (打火机 dǎhuǒjī) are usually cheap (about ¥1) but flimsily made. Zippos are available but expensive.

Smoking is something of a social activity in China. In a bar or at dinner few Chinese will light up without offering cigarettes around the table, at least to the men since few Chinese women smoke; visitors should do the same. Having an expensive brand is a status symbol.

Content adapted from Wikivoyage, used under CC BY-SA 3.0.