We promise all our tours have no hidden fees, no shopping stops, no touristy restaurants, just memorable experiences! Learn more about us or contact us to start planning your perfect China trip. For the sake of easy carriage, the bank staff will always give you some big notes.

• Denoted by the symbol 元, pronounced as “yuan,” it is subdivided into smaller units known as jiao and fen.
• To clarify, both CNY and RMB refer to the same currency, the Chinese renminbi.
• When telling someone how much something costs, you would be unlikely to say “This car costs 10 gold.” You need some sort of unit, such as ounces.
• At present, banknotes in denominations of one, five, 10, 20, 50, and 100 yuan are in circulation.

In most cases, you will have to pay a small fee when withdrawing money using international cards. When traveling to China, there are a number of ways that you can exchange foreign money into Chinese currency. That said, it’s important to note that currency exchange will be much easier to facilitate in larger cities.

一元 is “one yuan.” Why doesn’t my money say 一元?

However, you can ask them to give you a 100 Yuan of small change. Paying for things in a new currency in a new country can be exciting, but be sure you have a good idea of how much you’re actually paying in your own currency equivalent before you spend. If you find the difference between currency and units confusing, it might seem like a good idea to figure out which word for money is most popular in China and use that one. When telling someone how much something costs, you would be unlikely to say “This car costs 10 gold.” You need some sort of unit, such as ounces.

Jiao and Fen:

Now, the best way to convert foreign currency, including USD, the British pound, and other major currencies, into renminbi is in the form of cash. There are a few reasons for this, including the fact that Chinese banks will not always accept traveler’s checks. Additionally, cash can usually also be exchanged at hotels, though the rates are often unattractive. Of course, there are currency exchange kiosks in major cities that can help you convert money into renminbi as well.

It issued the first RMB notes in December 1948, about a year before the Chinese Communist Party defeated the Kuomintang government. Below are a few of the most common questions we receive from people looking into what the currency of China is. If you have further questions you would like to ask our team, don’t hesitate to get in touch. Hong Kong’s currency is the Hong Kong Dollar and Macau’s currency is called the Pataca. Anne Meredith holds an MA What Is a Stock Index in International Politics and Chinese Studies from the Johns Hopkins School of Advanced International Studies (SAIS). As part of the graduation requirements for the program, Anne wrote and defended a 70-page Master’s thesis entirely in 汉字 (hànzì; Chinese characters).

The Chinese yuan lost value during the COVID-19 pandemic, largely due to reduced economic activity and strict lockdowns. The yuan suffered its largest-ever monthly price drop in April 2022, losing 7% of its value over three months. Some economists believe that these controls keep the yuan artificially devalued, making the country’s exports more attractive.

A Quick Guide to Chinese Currency

• It comes down to the difference between currency and units of currency.
• This word was also used for the silver Spanish dollars introduced by European merchants in the 17th and 18th centuries.
• China has the world’s second largest economy and Chinese money plays an increasingly important role in global financial transactions.
• Once you’ve got your renminbi in hand, be sure to take some time to examine it and think about its history, its future and all the different ways there are to refer to it in both English and Chinese.
• With this in mind, it is generally advised to either convert your foreign currency into Chinese renminbi before traveling or do so when you arrive in the country.

The main columns are exchange rate, knowledge, news, currency and so on. As China has emerged as a global economic powerhouse, the Renminbi has gained international recognition. The country has been working towards the internationalization of its currency, making it more accessible and widely used in global trade.

Exchange rates to other currencies

There are limits to the amount of cash travelers can bring into China. Realistically, you will usually not need to bring much cash at all with you, however. USD is not accepted in China, so you are unlikely to need it during your trip. If you plan to stay in China for an extended period of time, setting up a WeChat Pay or Alipay account will definitely make your life much easier. Read on to discover the different between Chinese renminbi (RMB) and yuan (CNY) and learn to talk about China’s currency in both English and Chinese.

Yuan vs. Renminbi: What’s the Difference?

You may also notice these more complicated ways of writing numbers on certain official receipts that you get in China. The value of the RMB was tightly controlled during the period of the command economy. One yuan was pegged at 2.46 yuan to the U.S. dollar until 1971. The PBOC allowed the yuan to trade on international markets as the Chinese economy began opening to the world market, but the floating exchange rate was still tightly controlled.

During the imperial era, unique coins were issued to signify the authority of the ruling dynasty. Approximately 1.376 trillion yuáns (5.5%) of the currency reserves exist in gold reserves. The remainder consists of foreign currencies, special drawing rights in the International Monetary Fund and other reserve positions.

This initiative aims to enhance the efficiency and security of financial transactions while providing greater financial inclusion. China, with its rich history and vibrant culture, boasts a unique and diverse monetary system. In this article, we delve into the names of Chinese currency, shedding light on the historical context and contemporary significance of each. The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking.

Yuan vs. Renminbi: An Overview

The unofficial abbreviation CNH is sometimes used to refer to the offshore price of the Chinese yuan to distinguish between these two prices. Legally, you are permitted to bring 20,000 CNY, 5,000 USD or the equivalent in other foreign currencies into China with you when you come. Since this number can sometimes change, be sure to check to make sure this is still the case before you travel. If you aren’t quite sure how to use Chinese mobile payment platforms, you’ll be pleased to know that China does still accept cash. However, it is important to recognize that although physical bills are still very much in circulation in China, mobile payment options such as WeChat Pay and Alipay are becoming more and more common.