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Money & Cost in China (2)

(People's Daily Online)

13:33, June 15, 2012

Money Exchanging
Is it easier to exchange money in China?
It is quite easy to exchange money in China and the rates will be more favorable, but it is advisable to exchange a small amount of money in your country before leaving.

Where to exchange money in China?
Usually, four-star and five-star hotels offer exchange service, but only for their guest. Mostly people will go to banks for exchange. Remember to take your passport, which need to be presented when converting currency in China. However, for remote areas, it is difficulty to exchange currency or use a credit card, so it is advisable to take enough money when you are going to travel in the remote area.

Is it possible to get some low value notes to help with paying for transport, postage and so on?
For the sake of easy carriage, the bank staff will always give you some big notes. However, you can ask them to give you a 100 Yuan of small change. It strongly advised to take some small change with you.

Is it possible to exchange the unused Renminbi back to US dollars?
Of course you can. Please keep all your currency exchange receipts, which you must present. However, such exchange can be quite unfavorable in rates, you'd better use all your RMB before you left.

Is there anything else worthy of note when exchanging money?
The following things merit attention:
1. Choose a bank which is the nearest to your hotel if you are going to exchange a large amount of money or you can exchange in your hotel directly if it offers this service.
2. Do not exchange money in the street or the small shops which is mostly illegal and sometimes forgeries may be given.

It is possible to use RMB in Macau and Hong Kong?
Of course. 100 Yuan is widely accepted in Hong Kong, however, the small domination such as 10 Yuan and 20 Yuan are not so popular. Usually, you pay them in RMB; they will give you changes in Hong Kong Dollar. Note that the exchange rate is not as satisfying as in mainland.

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