What is the currency in China? Currency and Payment

The Chinese currency, the yuan (or, officially, the renminbi), is the currency used throughout China except in the regions of Hong Kong and Macao. Whether it's about your budget, expenses, or the cost of living, learning about Chinese currency (coins and notes, payment, withdrawals, etc.) ensures a more relaxing and less expensive stay. In this guide, you'll learn everything you need to know about currency in China so that you can set off to the Middle Kingdom with complete confidence.

What is the official Chinese currency?

The official currency of China is the renminbi, more often called the yuan. It is issued by the People's Bank of China:

• Its symbol is "¥" or "元,"
• Its abbreviation is RMB or CNY,
• 1 euro is worth around79 yuan,
• Each yuan can be divided into 10 jiao (cents).

In everyday speak, it's common to hear the names kuai and mao used to refer to yuan and jiao, respectively. Chinese currency also used to include the fen, corresponding to 0.1 jiao or 0.01 yuan. However, while the fen was long used, it disappeared from circulation because of its low value. Note that while the yuan is the official currency of China, it is not used in Hong Kong, Macao or Taiwan, which have their own currencies:

• The Hong Kong dollar (HKD$),
• The Macau pataca (MOP),
• The Taiwanese dollar (NT$).

What are the coins and banknotes in Chinese currency?

The currency in China consists of various coins and banknotes, ranging from 1 jiao to 100 yuan:

• Coins in Chinese currency: 1 and 5 jiao and 1 yuan,
• Chinese banknotes: 1, 2, 5, 10, 20, 50 and 100 yuan, and sometimes 1, 2 and 5 jiao.

There is little circulation of counterfeit currency in China, but it still happens, especially with banknotes. To verify the authenticity of a Chinese currency note, look in the light to see if the watermark of the People's Bank of China is present on the front of the note, on the left side. You can also run your finger over Mao's collar — if it is rough, the note is genuine.

Send money to China with Western Union

With Western Union, you can send money to China in just a few clicks at a great rate.

How can you pay in China?

There are several ways to pay in China: cash, bank card and mobile payment. A few years ago, mobile payment via WeChat Pay or Alipay replaced cash as the most popular payment method throughout the country. Let's go over the details of these different payment methods:

• Cash: Although used slightly less nowadays, cash remains very common for everyday spending. However, merchants are often unable to give change and therefore no longer accept cash. If you have 100 renminbi in Chinese currency, consider going to a supermarket to get smaller denominations.
• Bank card (credit or debit): Rarely used by Chinese people for everyday things. However, international credit cards are still accepted in major cities such as Beijing and Shanghai, as well as at major hotels and in luxury boutiques, and are convenient for booking domestic flights or train journeys.
• Mobile payments: Now the preferred payment method for Chinese people, whether they're buying or selling, they can be used everywhere by scanning a merchant's QR code. There are two major mobile payment apps: WeChat Pay and Alipay. To create an account, simply provide a non-Chinese phone number, your passport information and bank card details.

Mobile payments are the best option in China, as they are accepted everywhere and make transactions much easier. They also allow you to travel without having to carry a lot of money. However, it's still recommended to have small Chinese currency notes on you, in case you need it. And, whatever your payment method, learn to haggle in Chinese stores and markets. To negotiate well, it's important to choose the store wisely, know the approximate price of the item you want, and the maximum price you're willing to pay. Above all, always be respectful.

Can you pay in euro in China?

With some exceptions, you can't pay in either euro or dollars in China. The vast majority of businesses only accept yuan. However, some international hotels may accept euro, at an unfavorable rate. Remember, however, to always have euro on you so that you can exchange them into Chinese money when you're there.

Where can you exchange money in China?

You can exchange your money in China:

• At major banks (Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China) and local banks,
• At Western Union agent locations,
• At airports (at an unfavorable rate),
• At some hotels,
• At some tourist locations.

With the exception of Western Union agent locations, official foreign exchange counters are quite rare in China, and when they do exist, they are most often located in banks. However, you will be able to find foreign exchange counters in some hotels, which are exclusively for guests. As such, exchanging your Chinese money at a bank is a good solution, as they are open every day and don't charge a fee. In addition, all banks apply similar rates. In order to exchange money at a bank, you'll need your passport and you'll have to fill out a number of documents, which can be very time consuming. Of course, never agree to exchange Chinese currency on the street — only do so in official foreign exchange locations. In addition, while it's possible to exchange your euro into Chinese currency before leaving for China, rates are generally low and fees are often high (up to 10%). If you want to save time and get the best exchange rates in China, exchange your money with Western Union. Whether you're exchanging your euro for Chinese currency or receiving money, we offer a safe and cost-effective service for you to get your money quickly and easily.

Where can you withdraw money in China?

You can withdraw Chinese money from international ATMs throughout the country, including at banks, hotels, airports and tourist locations. Some local banks also allow Visa or Mastercard withdrawals. Withdrawals are generally limited to 2500 renminbi, equivalent to approximately 320 euro. Withdrawing money at an ATM is the most convenient way to get yuan without making an exchange, as it will save you from filling out a large amount of paperwork and the fees will be similar to those at foreign exchange offices (excluding Western Union agent locations and banks that don't charge a fee). In addition, ATMs are widely available and allow quick withdrawals. To find out if you can use an ATM to withdraw Chinese currency, check whether your bank card logo appears on the screen or on the ATM itself. Before setting off to China, remember to notify your bank that you will be carrying out transactions there (whether by card or mobile payment) and give them your travel dates to avoid your card being blocked due to the risk of fraud. Also make sure to check what fees apply (withdrawal charges and fees). You can also withdraw money at Western Union locations in major Chinese cities and enjoy the best exchange rate. [There is no specific url for agent locations in China, should we keep this link to agent locations?] During your trip, remember to keep your bank withdrawal receipts and exchange slips. This allows you to convert Chinese currency into euro when you leave the country. Note, however, that the rates will be low and not necessarily worth the effort. In this case, try to spend all your yuan and keep a few coins or notes as a souvenir.

FAQs

• What is the yuan exchange rate?

The Chinese yuan exchange rate is approximately:

• 1 euro = 7.79 yuan,
• 1 yuan = 0.13 euro

• How can I send money to China? (Internal link: Chinese IBAN, when live)

With Western Union, easily send money to China from France:

• Online in a few clicks via our website,
• With our mobile app,
• In person, by going to an agent location.

Your receiver can get the money in cash, in their account (via their Chinese IBAN) or in their mobile wallet.