Currency Converter

10:43, October 09, 2009      

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The currency in China and Tibet is known as the Renminbi (RMB) or "people’s money". This basic unit of currency is formally known as the Yuan (¥). Hong Kong has its own currency, the Hong Kong Dollar (HK$). Approximate exchange rates as follows but you are advised to check current rates prior to your travel at Bank of China, the official state-owned bank specialized for foreign exchange business in China: Bank of China

¥15 equals GBP£1
¥7.4 equals US$1
¥6 equals AUD$1
¥5 equals NZ$1
¥7.0 CAD$1

You are advised to carry a mix of cash and travelers cheques (US$, AUD$, CAD$ & GBP£ are accepted throughout China). Traveler cheques can be exchanged at most major hotels. It is a good idea to keep the exchange receipts as you may need these if you want to change the Chinese currency back to your local currency at the end of your trip. Credit cards can be used in many of the hotels and in some shops and restaurants in major cities; however they are not widely accepted in more rural areas. Visa and Mastercard are the most commonly accepted in cards. Cash advances can be obtained using these cards at most Bank of China branches. ATM access is available through-out the country at Bank of China particularly in the bigger cities. When the ATM is not working, you can get cash out over the counter. This is usually only during business hours and you may need to have your passport with you to do this.

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