Doing Business in China For Dummies®

Getting through the Basics of Daily Life

Finding money, staying healthy, and generally getting by in your home country is usually pretty easy. In China, these basics can be easy, too. In this section, we talk about how these fundamentals work in China.

Finding money

For now, cash is king in China. You can find ATMs in all the big cities. Credit cards aren’t widely used or accepted except at businesses catering to foreigners.

China’s currency is called the renminbi (RMB), meaning the people’s money. Its basic unit is called the yuan. Some people also refer to the yuan as kuai. Here are the main denominations:

✓	100 RMB note (currently a red color — older versions are purple)
✓	50 RMB note (green-blue)
✓	20 RMB note (brown)
✓	10 RMB note (blue)
✓	5 RMB note (brown)
✓	2 RMB note (green)
✓	1 RMB note (purple brown) and coin

Other smaller bills and coins, called jiao and fen, are also in circulation.

You should convert your personal foreign currency into China’s local currency. You can do so at a bank in China, at the airport, or at your hotel. Generally, you get a better deal at the bank. Look carefully at the rates and fees to make sure you’re getting a fair deal. If you expect to exchange currency at the end of your trip, save your exchange receipts. If you don’t have the receipts, you can’t convert the money back into your original foreign currency. (For information on avoiding counterfeit money, see “Staying clear of counterfeits,” near the end of the chapter.)

Using ATMs

The Bank of China ...