Does anyone know how the chinese yuan works? going to china so I would like to understand the money?

Answer 1

The answers you've received so far are all really good. www.madaboutshanghai.com is an excellent site, because it gives you a nice visual. Exchanging or withdrawing money from ATMs is all that you really have to worry about, and this is generally not too hard depending on where you are planning to go. Otherwise Yuan works just the same as dollars and cents. Just remember to pay the exact price for things you buy at places like Haoledi, Kedi, Buddies or any of these kinds of convenience store, also grocery stores, etc. At open air markets or indoor clothing markets ( like the Qipu Lu market in Shanghai), remember to haggle! Otherwise you will pay way too much. This goes for street vendors too. While the chao fan and chao mien people are usually pretty honest, others can be a bit sneakier. I once paid 7 yuan for a baked yam!! (I really should have paid about 1.50, but it my defense this was when I first moved to Shanghai) The best thing to do is eavesdrop. See what vendors are charging other people, and make sure you get the same price. Good luck!!

Answer 2

The Chinese currency is the RenMinBi (RMB), generally pronounced Yuan in written form, but spoken as Kuai. Paper money available in RMB1, RMB5, RMB10, RMB20, RMB50 and RMB100. Today, China is suffering from numerous counterfeit notes. Fake notes are sometimes easily recognizable since the paper feels different and the Chinese will check several time when they receive a RMB50 or RMB100 to make sure it is not a fake. Old and tattered notes can be difficult to exchange so try not to accumulate them.

Most of the time, vendors and taxi drivers ask for a small note when you pass them a RMB100 note, sometime they cannot change it and sometimes are not willing to. So it is a good idea to stack up on RMB10 bills. If you have any problems with a note, exchange it for a new one or small change at a bank. A counterfeit note will be confiscated.

Travellers cheques are the best way to carry money around in China, the exchange rate is fixed and it can be replaced if lost or stolen. Cheques can be cashed at the major branches of the Bank of China. Credit cards like Visa, Mastercard and American Express are useful in major tourist cities too. They can be used in most mid range to top range hotels, and some big department stores. You can get cash advances in the head branches of the Bank of China, however, a high commission will be charged (four percent).

Foreign currency can be changed in most banks and hotels. Exchange rates do not vary that much, so hotels are often the most straightforward place to exchange. Keep the exchange receipt with you in case you want to exchange any remaining RMB you have left over when you leave. Please use our CURRENCY CONVERTER in the "Reservations" pages of the site.

Answer 3

The yuan (or RMB - "People's Money") is about 1 USD = 7.9 RMB. Bills are in 100, 50, 20, 10, and 5 (there are 1 RMB bills, but only common in smaller cities). Common coins are 1 jiao (1/10 of an RMB), 5 jiao (1/2 RMB), and 1 RMB. There is an aluminum 0.01 RMB coin, but it isn't common and is almost worthless.

For most things, assume about 1:8 for the US dollar. You can get RMB from ATMs - or banks - almost everywhere.

Most department stores are fixed price, and most market areas are where you haggle. When haggling, a good place to start is around 20% of what the merchant first asked for. Most of the time, the final price will be about 30% - 50% of his/her first offer. Don't fear going too low - they just won't sell to you if the price is below what they need to make.

Answer 4

Most of the answers are pretty good. As an added note: yuan are also referred to as "kuai" and jiao are also referred to as "mao." So a vendor may tell you "yi kuai wu mao" or "yi kuai wu." This means 1 yuan and 50 jiao. 50 in Mandarin is wu (5) shi (10), but they often drop the shi for transactions. Also, going over 100 is a bit different. 120 will be "yi bai er," but 102 will be "yi bai ling er." Ling is zero. You have to say the zero when you go over the hundreds mark for -01 to -09. Be sure to learn your numbers before you go. Also, there is a way to count from 1-10 on one hand in China. If you learn how to do this it can clear up confusion with vendors who have heavy accents.

Answer 5

Same as any other currencies in the world. One US dollar is about 7.9 yuan. You can make it simply by using the ratio of 1:8. For euro it is about 1:10

Answer 6

it's pretty simple, generally one yuan is worth about twelve cents. so that makes it 8 yuan to one u.s. dollar. if you're going to china, use your atm card at the bank of china and you can get chinese money with it. tell your bank at home or else maybe they will think that someone stole your card and is using it in china.

Answer 7

Actually,simplly speaking ,Chinese yuan is just like the US dollar .One dallar is equal to eight yuan or so. In China there are also other currency unit like Jiao and fen . Here fen is like cent .one yuan is equal to 100 cent (that is 10 Jiao).
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Answer 8

Yuan is the currency in China.

You ask, "Does anyone know . . . ?"

There can be only two possible answers to that question:

Somebody knows
or
Nobody knows.

Certainly there must be someone out there who knows.

So my answer is a resounding
YES!!

But is that what you really were asking about?

Maybe you wished to determine HOW MANY people know?

Answer 9

This is the best website, check it out
100 - red
50 - greenish
20 - brownish
10 - blue
5 - purple
1 - green or red
be careful in Beijing b/c they are known for giving you the wrong change, the Chinese currency has bills for their cents, they will often try to use it to give you the wrong change

Living in China for 10 years

Answer 10

i had to chortle after understanding how lots US is donating to China for this terrible earthquake: $0.5 million. Even international locations like North Korea donated $10 million funds! do you be attentive to how lots the U. S. gave to Saudi Arabia just to reveal a headline on their web site? $50 Million. Why dont you ***** on the subject of the U. S. government spending your tax funds on the conflict????!!!! i'm getting it, you could quite the U. S. spending your tax funds on destroying different counties and making wars, yet now to help the individuals who lost their residences, acquaintances, parents, their kinfolk, and their in ordinary terms newborn! i replaced into ashamed of ways lots US has donated to China and in my view made extra donations to them by purple bypass. i could quite US spend MY TAX funds on some thing this is quite assisting ppl's lives.