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Chinese Money

时间:2018/5/11 13:56:35 作者:learnmorechina 来源: 查看:6 评论:0
What is Chinese money? How to use Chinese money? What money use in China? Learn More China now introduce Chinese money with you. Money is necessary in our life. So when we are in China, Chinese money is widely use. 

The official name for the currency in China is Renminbi, which literally translates to People's Currency and is abbreviated to RMB. The most widespread international usage is Yuan, which is abbreviated to CNY. You can write CNY 1,000 or RMB 1,000.

Chinese moneyThe official symbol for the Chinese Yuan is ¥, however, in most stores and restaurants in China, the symbol is represented by the Chinese character "元" instead, which is pronounced "yuan".

You will also hear people say "kuai", pronounced kwai, which is a local word for yuan.  there are two names for 1/10th of a Chinese yuan. This can be called one "mao" or one "jiao". Both refer to the same thing: 1/10 of a yuan.

The Chinese Yuan or RMB is only used in Mainland China. Hong Kong's currency is the Hong Kong Dollar and Macau's currency is called the Pataca.

At present, bank notes in denominations of one, five, 10, 20, 50, and 100 Yuan are in circulation. One Yuan coins are also widely used.Due to inflation, bank notes or coins with a value of less than one Yuan, including one Jiao and five Jiao, are not widely used. Many places just round up or down to the nearest whole number. If someone insists on you paying the small change, you can just give them one Yuan and tell them to keep the change instead.

While you are in China, there is a small possibility that you will receive some fake Renminbi notes. Rather than telling you how to recognize fake notes, since this is difficult for local Chinese let alone foreign travelers, instead here are a few tips on how to minimize the risk of fraud or fake notes.

1. Always exchange or withdraw money from banks or ATMs attached to a bank.
There have been reports of people withdrawing fake Renminbi notes from banks or ATMs but it is still much safer than many other sources. (Note: Be sure to use a currency conversion website to calculate how much Chinese Yuan you can get once you arrive in China, as exchanging or withdrawing money in China might be cheaper than in your home country. Exchange rates in China are highly regulated, so you will get about the same rate everywhere. 

2. Try to avoid using 100 Yuan notes when taking a taxi or making small transactions.
Some unscrupulous taxi drivers or vendors may quickly switch your genuine bank note for a fake one and then return the faked bank note to you and tell you the money you gave them is fake. They usually do this with 100 Yuan notes since they are most valuable, although it may happen with 50 Yuan notes, too.

3. If you have Wechat or Alipay, you can use mobile payment and avoid cash altogether!

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