In this article, we’re answering “What is the currency of China?” But, instead of keeping you waiting, the answer is: The Chinese renminbi.
In the following sections, we will provide a detailed overview of the renminbi, answer questions from our members, share the best ways to exchange renminbi after you touch down in China, and additional insights.
This article is part of our free series on foreign currency bank accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Is the Currency of China?
- Can You Use Foreign Currency in China?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What Is the Currency of China?
The official currency of China is the Chinese renminbi with the currency symbol ¥ (or RMB ¥) and ISO 4217 code CNY. That said, the renminbi is often referred to in the abbreviated form of RMB or as the basic unit of currency, the yuan. The renminbi has been legal tender in China since 1948, replacing the Nationalist-issued yuan.
Can You Use Foreign Currency in China?
Foreign currency is not widely accepted in China. That said, in certain instances, it may be possible to use certain foreign currencies like US dollars. However, the locations that will accept US dollars are typically those that cater to foreign tourists, including large hotels and tourism operators.
Importantly, if you are attempting to use foreign currency in China, the exchange rate that you will receive directly from vendors will not be in your favor. Instead, you should expect to pay a significant premium on the exchange rate that you would receive from a licensed currency exchange shop.
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. To help you with this, let’s take a look at how to exchange money into Chinese currency now.
How to Exchange Money into Chinese Currency?
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. So, if you are planning any travel to more rural provinces of China, you should make sure that you convert money before departing.
If you are looking to exchange Iranian rial into Chinese renminbi, it is important to note that Iran does hold the cheapest currency in the world. So, if you happen to hold any rial and are looking to exchange into Chinese currency, it might be difficult to facilitate.
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.
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Frequently Asked Questions
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.
How Much Is $1 in Chinese Renminbi?
Over the last five years, the value of $1 in Chinese renminbi has ranged from a low of 6.31048 and a high of 7.30636. That said, in more recent years the value of one dollar in China has generally been between 6.70173 and 7.30636.
Why Does China Have 2 Currencies?
Technically speaking, China does not have two currencies. However, the Chinese renminbi is often referred to using different names. These names include the official ISO 4217 code CNY and the abbreviated form RMB. To clarify, both CNY and RMB refer to the same currency, the Chinese renminbi. That said, China imposes strict currency controls on the currency domestically, which can result in renminbi trading at a different price inside and outside of the country. For this reason, traders often use the abbreviation CNH in order to refer to the price of renminbi outside of the country.
How Much Is 100 Chinese Yuan to Indian Rupees?
Over the last five years, the value of 100 Chinese yuan has ranged from a low of 989.824 and a high of 1,219.37. That said, in more recent years the value of one hundred Chinese yuan has generally been between 1,116.95 and 1,218.83.
Do You Want Help Opening Bank Accounts?
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