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Currency

Foreing Exchange Regulations for Foreign Visitors
Article 17 of the Regulations on Foreign Exchange Control of the People's Republic of China stipuletes that foreign exchange remitted or brought in from foreign countries by resident foreign organizations in China and personnel attached to these organizations may be kept in their own possession, or deposited in the bank, or taken abroad with effective certificates.
Highlights of this article are :
1) Foreing exchange remitted or brought in from foreign countries by resident foreign organizations in China and personnel attached to these organizations may be kept in their own possession, or sold or deposited in a designated bank, or remitted or taken abroad with Customs declaration documents.
2) All the expenses incurred by resident foreign organizations in China and personnel attached to these organizations should be paid for in Renminbi. The remaining amount of Renminbi converted from foreign exchange can be converted back into foreign currency and brought or remitted abroad by showing one's passport and the conversion sheet within a six-month grace period.
3) Resident foreign organizations in China and personnel attached to these organizations are not allowed to buy or sell foreign exchange in China.

Judging from China's current foreign exchange control regulations, the conversion between foreign exchange and Renminbi can take place only in two forms: first, through a bank empowered to handle foreign exchange businesses; and second, purchases and sales through the China Foreign Exchange Trade Centre and the system attached to it. All transactions between foreign exchange and Renminbi conducted other than through these two channels are unauthorized behaviours no matter at what exchange rate such transactions have been made. Such unauthorized behaviours are illegal and banned by Chinese law because they serve nothing but to disturb the country's financial order. According to Article 45 of the Regulations on Foreign Exchange Control of the People's Republic of China, those who have conducted unauthorized purchases and sales of foreign exchange will be warned by the foreign exchange control authorities, the foreign exchange in their possession will be converted in a compulsorymanner, the unlawful income from such transactions will be confiscated, and a fine between 30 percent and three times of the amount of foreign exchange involved shall be imposed.

Renminbi, the Chinese currency, is issued by the state bank, the People's Bank of China. The standard unit of the Renminbi is yuan, with jiao and fen as the subsidiary units. Thus one yuan equals ten jiao and one jiao equals ten fen. Yuan, jiao and fen are issued both in bills of exchange and coins. Renminbi features the following denominations: one, two, five, ten, fifty and a hundred yuan; one, two, and five jiao; and one, two and five fen. The abbreviation for Renminbi is RMB.

Foreign Currency Conversion
Conversion services are available in China for the following foreign currencies: US Dollar, British Pound Sterling, French Franc, Deutsche Mark, Japanese Yen, Australian Dollar, Austrian Schilling, Belgian Franc, Canadian Dollar, Hong Kong Dollar, Swiss Franc, Danish Krone, Guilder (or Florin) , Norwegian Krone, Swedish Krone, Singapore Dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, and Finnish Markka.

The Chinese bank handles conversion of the above-mentioned foreign currencies into Renminbi or vice versa. China's law governing foreign exchange bans the circulation of foreign currencies and the settling of accounts with foreign currencies in the People's Republic of china. For the convenience of foreigners and compatriots from Kong Kong, Macao and Taiwan travelling in the mainland of China, the Bank of China and other designated Chinese banks handles the conversion into Renminbi of foreign traveller's cheques and credit cards as well as the conversion of twenty-two foreign currencies and the New Taiwan Dollar in cash. Again for the conveinence of travellers in China, some hotels, restaurants and stores in China also handle the conversion of foreign cash into Renminbi. A foreign traveller may have the remaining amount of Renminbi converted back into foreign cash and brought out of China within a grace period of six months prior to departure from China, but in doing so he has to display a foreign currency conversion receipt.

Different conversion rates are applied under different circumstances. Buying prices are applied for the conversion of traveller's cheques, credit cards and remittances; selling prices are applied for the conversion of Renminbi into foreign currencies (cash included); and buying prices are used for the conversion of foreign cash into Renminbi.

So far the following foreign credit cards are acceptable in China :
1)Master;
2)Visa;
3)American Express;
4)JCB;
5)Diners.

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  Information provided by China National Tourism Administration.

 

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