Money in China

The currency in China since 1948 has been the renminbi, or yuan. It currently comes in 1, 2, 5, 10, 20, 50, and 100 yuan notes. The renminbi was pegged to the US dollar until 2005, and is now worth under 20 US cents. Tight controls are maintained on currency exchange, so it is vitally important to get a receipt when converting money to renminbi.

The cost of city living China is way higher than it used to be, requiring at least 400 to 1000 US dollars a month and it is no longer as much a good deal for foreigners looking to live cheaply as it once was. Living in the country is far cheaper. China has traditionally been an economy based on cash, and is even now, although bank accounts, credit cards and the like are gaining in popularity.

Most banks in China are local, but a few foreign banks like Citibank have recently opened branches. Chinese banks will usually provide a debit card upon opening a new account. Accounts can be opened simply with a valid passport and proof of address. ATMs can be found in many cities and foreign debit cards will work, but the daily withdrawal limit is about US $500.