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We should never take money for granted – because without it your holiday would be spoilt. On your holiday in China you need to understand the value of the money in your hand in order to use it well.
What is the Chinese "dollar"? What currency does China use?
The main unit of Chinese money, what we could call the Chinese “dollar”, has several interchangeable names, which can be confusing.
You may hear Chinese money referred to as Renminbi (人民币), or RMB, which means simply “Peoples Currency”. So in this case you may see prices quoted like this: RMB 10
You may also hear the Chinese dollar referred to as “Yuan” (元). The abbreviation CNY is used, sometimes written as CN¥ or just ¥, and so you may see the same prices quoted as CNY 10.
You will commonly hear people use the word “kwai”, which is still exactly the same thing. The price would be stated as “10 kwai”.
There are also names for denominations smaller than an RMB / Yuan / kwai:
Jiao or mao are both the name for a tenth of a yuan. A fen is a hundredth of a yuan.
What are the denominator, buying everything with “plastic” on your bank cards. However, in China, you need to be comfortable handling cash. Your card will be useful mostly for withdrawing cash from ATMs.
If you take cash out of an ATM you will only receive red RMB 100 notes. However, this is too large a denomination for most transactions, so you will need to get hold of some of the others:
There is an RMB 50 note, which is a greenish blue, and an RMB 20 note which is brown. The RMB 10 note is blue, and the RMB 5 is brown. There is also a purple-brown RMB 1 note as well as a coin. All of these small denominations will be most useful at street stalls.
You will also find uses for the 1 jiao coin and note, and the 5 jiao coin and note. Occasionally you will even come across fen notes and coins.
RELATED » Evolution of Chinese Money
What is Chinese money worth compared to other currencies?
Obviously exchange rates are changing all the time, and vary from one currency to another. However, as a general rule there are about CNY 5 – 8 to each western dollar. You can check the up to date exchange rate here:
For example, at this particular time
- The US dollar (USD) converts to CNY 6.2
- The Canadian dollar (CAD) converts to CNY 4.9
- The Euro (EUR) to CNY 7.7
- The British Pound (GBP) converts to CNY 8.8
- The Australian Dollar (AUD) converts to CNY 4.8
Sometimes it’s easier to consider the CNY 100 note in terms of your own currency. At the time of the above exchange rate, the CNY 100 note was worth about $16 (USD), or €13 (EUR), or £12 (GBP), or $20(AUD).
Using the same calculation, you can easily be aware of the value of a single Yuan in your own currency. For example, at the rate mentioned above, one Yuan is worth 15 ₵ (USD).
You may sometimes notice that items are a similar number of yuan (RMB / CNY) as you would expect to pay in your home dollars. For example, a $30 shirt may cost CNY 30. Clearly things are much cheaper to buy in China.
How much is 100 Yuan worth? An overnight room in a hostel usually costs about 80-100 yuan. In the local market, you can pick up 2 or 3 T-shirts, and some of the souvenirs such as local specialties and decorations all for less than 100 yuan. A quick meal is about 20 yuan, and you can use 100 yuan to buy 5 quick meals, or 12 cans of beer, or have a hot pot meal.
Food is especially cheap in China, partly because wages are so much lower. But generally everything is relatively cheap. Enjoy your wonderful holiday!
FAQs for preparing a trip to China:
1.How much cash should I bring when I fly to China?
Firstly, you cannot bring in more than $5,000 USD, or CNY 20,000, without declaring it and having the relevant paperwork.
You should only bring enough cash for your immediate needs, for taxi’s, snacks, and the like, for the first day or two. For many people that means CNY200-300, others feel more comfortable with CNY 500. You can change a little money at your bank before you leave home, or change money at the hotel, or draw out some money from an ATM in the airport.
Once you are settled into your hotel, you can draw money out from ATMs every few days as you need it.
2.Will my credit card be accepted?
You need to inform your bank before you go to China so they are not worried when charges are arriving from China.
If you have one of the common cards (Visa, MasterCard, Amex etc.) then your card will be accepted by ATMs.
You can use your credit card in most hotels and shops, especially in the big cities, but China is more of a cash economy and you would do better to be ready with cash, especially some of the smaller denominations to use at stalls and on public transport.
3.Can I use Travelers’ Checks?
Travelers’ Checks can be changed in some big banks and hotels, but they are actually far less convenient than credit cards. So not recommended.
4.Can I tip my tour guide and driver with US dollars?
As having been internationalized, tipping is now expected in China. You can tip in US dollars, as they can be quite easily exchanged, but you could just as easily tip in Chinese Yuan.
Some people like to also bring a number of small gifts from their homeland to hand to special people who have given loyal service.
5.Is there counterfeit money in China?
Be aware that there are counterfeit bills in circulation in China, especially the RMB 100 and RMB 50, so be careful. When you hand over your money in a Chinese shop or at a stall, you may observe the vendor examining it carefully to make sure that it is not counterfeit. They may simply rub a coin over it, or run it through a machine. Watch carefully to make sure they don’t switch the note, then hand back a counterfeit saying they can’t accept it. Money from ATMs will be okay, but any other time you are handed cash it may be worth feeling it carefully and comparing it with other notes (to make sure it is not too thin or smooth). You can also choose to reject a note and ask for another.
6. What is the schedule for Chinese banks?
Bank of Communications: Guilin GaoXin Sub-Branch
Chinese banks normally open on Monday to Friday, and the working hours are 09:00 to 17:00, but ATMs are available 24 hours, seven days a week. Bank holidays are the same as Chinese official public holidays.
7. What are the other payment methods in China?
Mobile phone payments are widely used in China nowadays. Two Apps dominate the mobile payment system, which are Alipay and WeChat Pay (also known as Tenpay). Both of them need to connect with at least one Chinese bank card. When you open the App, the buyer can scan the seller’s Quick Response (QR) code to recognize and complete the payment. Another way is that the seller scans the buyer’s payment code on the App to deduce the payable amount on your mobile wallet.
ByRuth Wickham
Chief Editor & Writer
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FAQs
How much money will you need for your trip to China? You should plan to spend around ¥459 ($67) per day on your vacation in China, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, ¥132 ($19) on meals for one day and ¥92 ($13) on local transportation.
Is $1000 yuan a lot of money in China? ›
The value of 1,000 yuan (CNY) in China can vary depending on a number of factors, such as the individual's location, their standard of living, and their economic circ*mstances. In general, 1,000 yuan is considered a moderate amount of money in China.
How much does a dollar get you in China? ›
1 USD = 6.8861 CNY Apr 20, 2023 01:14 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately. Sending money abroad is as easy as ever.
What is considered a lot of money in China? ›
Official Chinese calculations would assign such wealthy Chinese in the 'high income' bracket. The National Bureau of Statistics has stated that anybody earning more than RMB 10,000 (US$1,480) a month would qualify as high-income.
Can I spend US dollars in China? ›
Either the Chinese Yuan or The US Dollar. The US Dollar is a universally accepted currency the world over. If you are not able to procure Chinese Yuan for your trip to China, then no need to worry.
How much cash can you bring from China to USA? ›
You may bring large sums of money with you in the form of cash, money order, or traveler's checks. There is no maximum limit, however, any amount exceeding $10,000 USD must be declared upon arrival on both the Form 6059B and FinCEN 105. All forms must be filled in completely and truthfully.
How much is $1000 in US dollars in China? ›
How much is $2000 US dollars in China? ›
How much is $100 dollars in yuan? ›
How much is $20 US in China? ›
Are you overpaying your bank?
| Conversion rates US Dollar / Chinese Yuan RMB |
|---|
| 20 USD | 138.47500 CNY |
| 50 USD | 346.18750 CNY |
| 100 USD | 692.37500 CNY |
| 250 USD | 1730.93750 CNY |
8 more rowsIn 2021, the average sales price for residential real estate in Shenzhen was over 61.6 thousand yuan per square meters. It was the highest price among all major cities in China. The average price across the country was 16,533 yuan per square meter.
How much is a co*ke in China? ›
China - Coca-Cola - price, September 2022
| China - Coca-Cola - price, September 2022 | |
|---|
| CNY | 2.500 |
| USD | 0.362 |
| EUR | 0.328 |
Cost of Renting in China: $300 – $500 per month
Well, over in China, you can pay as little as $300 and as much as $700 per month depending on where you live. The major cities will have the higher rents, while the outskirts of the city are much cheaper.
How much does China pay per hour? ›
The minimum wage in China is set locally; ranges from RMB 1,420 (US$208.82) per month, or RMB 14.6 (US$2.06) per hour in Liaoning; to RMB 2,420 (US$379.77) per month, or RMB 21 (US$3.30) per hour in Shanghai. FC 55,000 (US$129) per month. FC 1,680 (US$1.83) per day.
How much is a car in China? ›
In 2019, the average price of a second-hand vehicle sold in China was around 62,700 yuan, up from about 62,200 yuan in the previous year.
Should I exchange money before I travel to China? ›
China's currency, the Yuan (RMB), is considered an exotic currency by most foreign exchange providers, so for a good rate it is best to wait until arriving in China to obtain Yuan.
Can I use debit card in China? ›
While you are in China, you can use your debit card to withdraw money from a 24-hour ATM. Big cities and smaller towns all have 24-hour ATMs. However, many rural areas, such as parts of Tibet, don't have many ATMs. English interfaces are available for use on all ATMs.
What happens if China dumps US dollars? ›
The biggest effect of a broad scale dump of US Treasuries by China would be that China would actually export fewer goods to the United States. Overall, foreign countries each make up a relatively small proportion of U.S. debt-holders.
How much cash can you fly with to China? ›
Generally, travelers can take the equivalent of $5,000 US of foreign currency out of the country. They can take local currency of 20,000 RMB in or out of China. This limit is applicable to local residents and foreigners. This is the general allowed amount and does not require any additional action.
How much cash can I fly with? ›
You can fly with any amount of cash. No law prohibits you from bringing any amount of money on a flight. Likewise, TSA has no rules that limit how much money you can bring through security. In other words, TSA has no cash limit per person.
There is no limit on the amount of cash you can carry with you when flying domestically within the United States. However, if you are traveling internationally, you are required to declare any amounts over $10,000 USD to customs.
How much is 10 cents in China? ›
How much is $5 US in China? ›
Are you overpaying your bank?
| Conversion rates US Dollar / Chinese Yuan RMB |
|---|
| 1 USD | 6.87725 CNY |
| 5 USD | 34.38625 CNY |
| 10 USD | 68.77250 CNY |
| 20 USD | 137.54500 CNY |
8 more rowsConvert USD/CNY - Wise.
...
Are you overpaying your bank?
| Conversion rates US Dollar / Chinese Yuan RMB |
|---|
| 5000 USD | 34634.00000 CNY |
| 10000 USD | 69268.00000 CNY |
10 more rows$1000usd is approximately 7000元, which for most parts of China would be equivalent to $7000usd of spending power. For the average Chinese this is a significant amount of money, for a poor person in rural China it can be life changing type of money. What food can I buy with 1 dollar in China? 1$ is about 6.4 RMB.
How much is China 500 in usd? ›
How much is $600 US dollars worth in China? ›
So, you've converted 600 US Dollar to 4055.744 Chinese Yuan. We used 0.147938 International Currency Exchange Rate.
Do Chinese own their own homes? ›
Because China is a socialist country, all land is either subject to government ownership or collective ownership. In principle, municipal land is subject to government ownership and land outside cities is subject to collective ownership. However, one can obtain the right to use the land.
Can citizens own homes in China? ›
Ownership rights are protected under Article 39 of The Property Law of the People's Republic of China, which gives the owner the right to possess, utilize, dispose of and obtain profits from the real property. However, this right has to comply with laws and social morality.
Can a citizen own a house in China? ›
The answer is yes, foreigners are allowed to purchase property in China! The essential requirement is that you have studied or worked in China for at least one year on a residence permit. Foreigners are allowed to only own one residential property for dwelling purposes.
How much is pizza in China? ›
1 USD is equal to roughly 7 RMB, so a pizza that would cost 20 USD in the US would cost 140 RMB in China. With prices that steep, Pizza Hut created an upscale dining experience in China.
Is alcohol cheap in China? ›
Drinks - 2–10 yuan (0.30–1.50 USD)
The cost for drinks in China is at least half the price in the West. The cheapest mineral water is about 2 yuan for a 500 ml bottle, while a similar bottle of cola is around4yuan. A can/bottle of beer is usually below 10 yuan.
How much is milk in China? ›
Milk in China is, however, still considered special enough to be a popular gift. Fresh milk costs about $2 a litre, roughly double UK and U.S. prices, while the more common 240 ml packs of room temperature UHT milk cost about 40 cents.
How much is a Big Mac in China? ›
For example, a Big Mac costs ¥24.40 in China and $5.81 in the United States.
200 million in China live on less than $5 a day, says UN official.
How much is girlfriend rent in China? ›
'Rent a girlfriend' at US$145 a day business booms among China's single men for meeting parents, fake weddings or 'other things' if price is right.
Does China have free healthcare? ›
How Does the Healthcare System Work in China? China does have free public healthcare which is under the country's social insurance plan. The healthcare system provides basic coverage for the majority of the native population and, in most cases, expats as well. However, it will depend on the region you reside in.
How much is gas in China? ›
China Gasoline prices, 10-Apr-2023
| China Gasoline prices | Litre | Gallon |
|---|
| CNY | 7.992 | 30.253 |
| USD | 1.160 | 4.391 |
| EUR | 1.063 | 4.024 |
China — with a population of 1.4 billion — has 780,000 people holding assets worth $1 million or more, while the US — with a population of 332 million — has 5.27 million people in the same category. That data came from a wealth report by the consultancy Henley & Partners, published in 2023.
Can you drive an American car in China? ›
To drive a car in China, you will need to obtain a Chinese driver's license. International Driving Permits or other foreign driver's licenses are not recognised in China. Only foreigners with a valid residence permit can apply for a Chinese driver's license.
How much does the average Chinese citizen make? ›
In 2021, the last full year for which Beijing's National Bureau of Statistics offers data, the average Chinese worker earned 105,000 yuan a year, the equivalent of $16,153. The average American worker earned some $58,120 a year, 3.5 times his or her Chinese counterpart — still wide but not what it was.
Is China cheap or expensive? ›
On average, China's cost of living is 45% lower than the U.S according to Numbeo. Rent in China is 60% lower than the U.S. on average. But the cost of items like cars and private school tuition are actually very similar.
Is USA cheaper than China? ›
China is 42.0% cheaper than United States.
United States vs. United States vs. United States vs.
How much will a China visa cost? ›
China visa fees vary enormously according to your nationality, the number of entries required, the country you are applying in, and whether you want an express service. Generally the cost is $140 for an American citizen, and for citizens of other countries, the fee ranges from $30 to $90.
China is 42% cheaper than United States.
Why is ticket to China so expensive? ›
Airfares from China are now 160% higher than before the pandemic, data from travel firm ForwardKeys shows, due to limited supply. Iowa-based lawyer Jinying Zhan, 50, said he paid $1,600 for a one-way ticket in December to fly via Chicago and Dubai to Guangzhou.
Who is more rich China or USA? ›
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.
How much is rent in China in US dollars? ›
Cost of Renting in China: $300 – $500 per month
Well, over in China, you can pay as little as $300 and as much as $700 per month depending on where you live. The major cities will have the higher rents, while the outskirts of the city are much cheaper.
How much money do you need to live comfortably in China? ›
Family of four estimated monthly costs are 2,083.0$ (14,406.4¥) without rent. A single person estimated monthly costs are 575.5$ (3,980.3¥) without rent. Cost of living in China is, on average, 47.9% lower than in United States. Rent in China is, on average, 62.2% lower than in United States.
Do US citizens need visa to China? ›
Yes, all US citizens need a visa for China. The most popular is the China 10-year Tourist Visa which can be used for Multiple Entry. You can get a 10-Year Chinese Visa online.
How long can a US citizen stay in China without a visa? ›
The intended duration of stay in China is no more than 180 days. L Issued to those who intend to go to China as a tourist. M Issued to those who intend to go to China for commercial and trade activities.
Is US visa free to China? ›
Travel to the People's Republic of China (PRC)
Americans need visas to visit China. These visas are available only from the Chinese authorities and are not issued by the American Consulate.
How much is the average house in China? ›
The average price of a new house in China increased 4.1 per cent on an annual basis to 10,588 yuan (US$1533) per square metre in the first two months of 2023, the first rise in 11 months, according to data released by the National Bureau of Statistics of China on Wednesday.
How much is the average rent in China? ›
How much is rent in China? Depends where you are but rent in a shared apartment can amount to 2,500 RMB to 3,500 RMB for a shared apartment in a Tier 1 city like Bejing or Shanghai. Additionally having your own studio can cost you around 4,000 RMB.
The average price of a 7-day trip to China is $1,235 for a solo traveler, $2,056 for a couple, and $1,622 for a family of 4. China hotels range from $38 to $183 per night with an average of $69, while most vacation rentals will cost $90 to $380 per night for the entire home.
Is China cheap to visit? ›
Is traveling cost in China very expensive? Answer: No, travel in China is affordable compared with other places in the world. Prices are much cheaper than in most western countries, for everything from meals to train or plane tickets, but the cost is actually increasing year by year.
How much is flight from China to us? ›
Cheap Flights from China to the United States from $450 - KAYAK.
