Money
Yuan
Chinese Yuan Reninbi, also known as RMB and means people's currency, is the legal tender for mainland China, but not Hong Kong and Macau. The word Yuan, which is the primary unit of renminbi and was introduced in 1889, literally means round object or round coin becuase in the Qing Dynasty, it was a round silver coin.
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When speaking about money, you will also hear words like kuài (basically lump or piece, originated from silver), jiǎo, and fēn. One yuan is subdivided into 10 jiǎo, which in turn is subdivided into 10 fēn. Renminbi banknotes are available in denominations from 1 jiao to 100 yuan and coins have denominations from 1 fen to 1 yuan (Source).
As far as getting your money exchanged, we actually contacted our local (Wellsfargo) bank before actually leaving the United States and they got us the money in hand before we left. I'm not sure if I'd recommend this for the next time, just cause the rate we got it exchanged wasn't as favorable as when we arrived in China. Once you arrive at the airport, you will find many exchange posts that will be more than happy to change your money, just be real sure you see what the rate is and what fees they might charge.
Also, once you are in China, there are many banks that will help you exchange your money too. The banks might actually have the best rates for making the exchange, so we would recommend trying to find one of those first. Here are a few you could try, Bank of China, People's Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China.
Click Here for Current Currency Rates
When speaking about money, you will also hear words like kuài (basically lump or piece, originated from silver), jiǎo, and fēn. One yuan is subdivided into 10 jiǎo, which in turn is subdivided into 10 fēn. Renminbi banknotes are available in denominations from 1 jiao to 100 yuan and coins have denominations from 1 fen to 1 yuan (Source).
As far as getting your money exchanged, we actually contacted our local (Wellsfargo) bank before actually leaving the United States and they got us the money in hand before we left. I'm not sure if I'd recommend this for the next time, just cause the rate we got it exchanged wasn't as favorable as when we arrived in China. Once you arrive at the airport, you will find many exchange posts that will be more than happy to change your money, just be real sure you see what the rate is and what fees they might charge.
Also, once you are in China, there are many banks that will help you exchange your money too. The banks might actually have the best rates for making the exchange, so we would recommend trying to find one of those first. Here are a few you could try, Bank of China, People's Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China.
Here are the images of each of the bills you can see while in China.
