Basic information
about spending money in Beijing
For many overseas visitors, the
Beijing Olympic Games offers a good opportunity not only to
watch exciting games, but also to enjoy a shopping spree, as the
country is well known for its low-price, good-quality
Made-in-China products.
Yet prior to splashing out in Beijing, it is useful to know some
basics about the Chinese currency yuan (or renminbi), how to
change your money into yuan, related Chinese foreign exchange
policies and so on.
RENMINBI,
YUAN
The renminbi (literally “people’s currency”) is the legal tender
in the mainland of the People’s Republic of China. It is issued
by the People’s Bank of China (PBOC, central bank). The official
abbreviation is CNY, although also commonly abbreviated as “RMB”.
Chinese paper money usually comes in 1 fen (rare), 2 fen
(rare),5 fen (very rare), 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan,
5 yuan,10
