MyChina Tourist Tips - Costs and Money Exchange in China

The local currency in China is the Renminbi which has been abbreviated and is knowned to the world as the RMB. And here at MyChina.com, we decided to write a few lines for you so you can understand a little more about how the Chinese economy works, where you can change money and how much it is worth.

Pay for Your Travelling to China is Now Easier than Ever

The RMB has been in use since 1948 when the Communist party took control and the People's Bank of China was formed. It was originally produced in dominations ranging between 1 and 50,000. Until 1994, the Chinese Bank required that all foreign visitors to the country traded and used foreign exchange certificates however this is no longer required and now currency can be freely exchanged as can travelers checks and foreign credit cards.

MyChina Best Chine Tourist Tips: Use TC and CC

As with travel in any foreign country, MyChina always recommend that people use travelers checks for safety reasons and all banks and exchange offices will now accept them and cash them in for local currency. Nearly all credit cards from around the world are accepted with brands such as Master Card, Federal Card, Visa, American Express, JCB and Diners Card being used frequently, however there are fewer ATMs that accept foreign credit cards than one might expect and you can't use them to by travel tickets either.

Money Exchange in China

Money exchange in China between different currencies can be done all over the county in airports, banks, hotels and many department stores too. Exchange rates as always fluctuate on a constant basis and here at MyChina.com, we recommend keeping an eye on the market before you fly to get an idea of whether or not you are getting a good deal. Keep in mind that out of the big Chinese cities exchanging money can be expensive and at times - impossible. It is best to plan ahead and if needed, take enough cash so you don't have to risk getting stuck.

We hope that these China tourist tips help you whilst travelling in China. And as always at MyChina, we strongly recommend the use of travelers' checks in order to maintain safety at all times.