Currency
The official currency in China is the Renminbi (RMB or CNY) or in Chinese "Ren-min-bi". The basic unit is the yuan (also known as "kuai"), which equals 10 jiao (or "mao"), which is then divided into 10 fen. Paper currency comes in 1, 5, 10, 50 and 100 yuan notes. Paper jiao come in denominations of 1 and 5. There are also 1 and 2 fen notes, but these are rarely used as they have no purchasing power. One yuan, 1 and 5 jiao coins are even common used in larger cities.
Obtaining Yuan in China from Foreign Currency
It is possible to exchange traveler's checks or cash at most banks, and large hotels usually have a money exchange counter. Hotels will usually only allow you to change money if you are guest at the hotel. You are required to present your passport to change money/travelers checks etc.
The Bank of China has an ATM network that will allow cash advances from major credit/debit cards and ATM cards. Check your credit card provider for this information before leaving your home country.
If an ATM withdrawal is not sufficient (e.g. due to your daily withdrawal limit) cash advances are available on most common credit/debit cards e.g. American Express/Visa/MasterCard, but this facility is available only from the main branch of the Bank of China in most Chinese cities. A fee of 3%-4% will be demanded.
Changing Yuan Back to Your Currency
The RMB is not easily convertible in the international market so it is only usable in China. (RMB is now readily convertible in Hong Kong.) It is therefore advisable to change only the money that you need for your trip, as it may be difficult or costly to change it back to your preferred currency.
You can convert unused RMB to another currency in China by providing the receipts of your original purchase of RMB in China. This exchange can be done at the airport as you leave China. The foreign exchange black market is illegal.
Cash Exchanging traveler’s checks may not available in small cities, counties and towns. Travelers are expected to use cash or bank cards when traveling in small cities, counties and towns.
Credit Cards
Major credit cards such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores. Check on the acceptance of your credit card before you purchase. Air Travel could be purchased with credit cards. Credit cards can be used to get a cash advance in the main offices of the Bank of China.
Wire Transfers
Wire Transfer using a service called Money Transfer is available and is a joint venture between the China Courier Service Corporation and Western Union. This service allows instant money wiring to and from 100 countries.