Shanghai Currency

Currency

Local Currency Chinese currency is called Renminbi (literally people's currency), often abbreviated as RMB. Issued by the People's Bank of China, it is the sole legal tender for both the Chinese nationals and foreign tourists. The unit for Renminbi is Yuan, Jiao and fen. The conversion among the three is: 1 Yuan = 10 Jiao =100 Fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued in both notes and coins. The denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 Yuan; 5, 2 and 1 Jiao; and 5, 2 and 1 Fen. The denominations of coins are 1 Yuan; 5, 2 and 1 Jiao; and 5, 2 and 1 Fen. Credit cards can be accepted at most hotels, tourist shops and some department stores.

Currency Conversion One can change money upon arrival at the international airports of Shanghai. Also most hotels offer foreign exchange services and exchange cash and travelers cheques. The Bank of China exchanges money and travelers cheques. In China, wherever you exchange money the same day, the exchange rate is the same. Banking Hours: Mondays to Fridays, 9 a m to 5 pm.

Foreign Exchange There are no quantitative restrictions imposed on foreign currencies, traveler's checks, or credit cards brought in. Inbound passengers carrying foreign currencies in cash of more than 5,000 U.S. dollars should declare to the Customs. The Customs shall release it on passengers' departure upon the declaration made at the last entry. Without last time declaration record of foreign currencies in cash, or if the recorded amount is less than what the passengers carry this time, the Customs shall release the discrepancies upon certificate issued by the Foreign Exchange Bureau or its authorized banks.

RMB The limit of RMB allowed to bring in or take out of China is 20,000 yuan.