Where is rmb currency used

China has indicated that it will allow its currency to appreciate - following months of pressure from the US. Some refer to the currency as the yuan, others call it the renminbi. Who is right? Both names are perfectly good, but in slightly different ways. It means "the people's currency". Something may cost one yuan or 10 yuan. It would not be correct to say that it cost 10 renminbi. An analogy can be drawn with "pound sterling" the official name of the British currency and "pound" - a denomination of the pound sterling.

It would not be correct to say that it cost 10 sterling. Nor can you talk about the number of renminbi - or the number of sterling - to the dollar. The word "yuan" goes back further than "renminbi". Table of Contents What is the name of the Chinese currency? How do people in China refer to their money?

Does China still accept cash? How much cash should I bring to China? Don't spend it all in one place! Free minute Trial Lesson. Learn Chinese How do I prepare for a job interview in Chinese?

Learn Chinese How do you talk about the weather in Chinese? Learn Chinese What is Putonghua? Leave a Reply Cancel reply Your email address will not be published. Comment Name Email Website Save my name, email, and website in this browser for the next time I comment. Sign up today! Your Chinese teacher will call you on Zoom or Skype for your Chinese lesson.

Learn More Now. Traveler's cheques provide a fairly secure way of carrying money. The Bank of China can cash travelers' cheques sold by international commercial banks and travelers' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests.

Exchange rates fluctuate in line with international financial market conditions and are published daily by the State Exchange Control Administration. Keep your currency exchange receipts, because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Currency rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements. This can be called one "mao" or one "jiao.

At present, banknotes in denominations of one, five, 10, 20, 50, and yuan are in circulation. One yuan coins are also widely used. Due to inflation, banknotes or coins with a value of less than one yuan, including one jiao and five jiao, are rarely used in China. Many places just round up or down to the nearest whole number.

If someone insists on you paying the small change, you can just give them one yuan and tell them to keep the change instead. Learn more about managing payments while traveling in China here.

Chinese currency is not freely convertible, which means the exchange rate of RMB is sometimes affected by the government and can be difficult to predict.