MONEY MATTERS

The currency in China is called Ren Min Bi (RMB). Its basic unit yuan is divided into 10 jiao and 100 fen, which come in different denominations. Yuan is printed in notes of one, two, five, ten, fifty and one hundred, jiao in one, two and five, fen in coins of one, two and five.

 Major foreign currencies and travelers' cheques can be exchanged or cashed to RMB at banks, hotels and Friendship Stores. Note that travelers' cheques usually fetch a slightly higher exchange rate than cash. There is no restriction on the amount of foreign cash that may be brought into or taken out of China as long as it has been declared at the Customs. However, the movement of RMB is restricted to 6000 yuan either entering or leaving the country. If you wish to convert RMB back to your own currency when leaving China, remember to keep the exchange receipt.

 Major international credit cards such as American Express, Visa, Mastercard, Diner's Club are widely accepted in fine hotels, restaurants, antique shops and department stores in major cities.

 Travellers will inevitably be confronted by Chinese people asking to exchange foreign currency. Such black market transactions are illegal and foreigners are cautioned to avoid them for their own good.