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| Questions:
71. How to calculate rate in Chinese currency? |
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Answer:
The Chinese currency is Renminbi, issued by the state bank, the People Bank of China.
The standard unit of the Renminbi is Yuan, with jiao and fen as subsidiary units. One yuan equals 10 jiao, and 1 jiao equals 10 fen. Yuan, jiao and fen are issued both in bills and coins.
The Renminbi features the following denominations: 1,2, 5, 10, 20, 50, and 100 yuan; 1, 2 and 5 jiao; and 1,2 and 5 fen.
Foreign currency and travelers checks can be changed at the main branches of the Bank of China, the tourist hotels, Friendship Stores and some department stores.
Hotels usually charge the official rate. You will need your passport to change money and/or use travelers checks.
You also might want to keep your money exchange receipts if you plan on changing any of your remaining RMB back to U.S. dollars at the end of your trip. Or you can spend it on souvenirs and other gifts to bring home.
You may even want to hold onto some new, crisp Chinese bills to take home and keep with your pictures.
Important note: Write down your traveler''s check numbers on a piece of paper and keep this paper inside your luggage or back at home, separate from your traveler''s checks. If you lose your traveler''s checks, you can easily replace them using the numbers! |
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