The currency is the Chinese Yuan (ISO code CNY), divided into 10 Jiao or 100 Fen. However, money within China is called RMB (Ren Min Bi, people's money), and people normally refer to Yuan as Kuai (piece, the counting word for money, as in yi kuai qian = one piece of money), Jiao as Mao and Fen as Sen.
Travelers cheques denominated in most major currencies are accepted by the Bank of China.
Credit cards are becoming increasingly accepted. Most bigger hotels, tourist hotels and (relatively) expensive tourist shops accept them.
The FEC (Foreign Exchange Certificate) was finally abolished in January 1994. However, it seems that still a few circulate. The disappearance of the FEC also caused the black market to virtually disappear.
Remember to always bargain. Always ask for the price first, especially in restaurants. Otherwise you could end up having ordered this 'really special soup' that costs you USD 100 (one hundred, no typing mistake and no urban legend!). |
