Do you want to visit Beijing? Before making a plan for the trip, this is just a soft reminder about transaction here, in most cases, transaction in Beijing, the China’s capital is done in Renminbi also known as Yuan or Kuai.
Chinese currency is called Renminbi (people's money), often abbreviated as RMB.
Issued by the People's Bank of China, it is the sole legal tender for both the Chinese nationals and foreign tourists. The unit of Renminbi is yuan and the smaller, jiao and fen.
Save for a few areas that you can directly pay in other international currency like US dollar, almost all payments are in terms of RMB.
However, you don’t have to worry about how and where to get the local currency when travelling to this East Asian economic giant.
What you must make sure is that you carry with you US dollar, Euro or Pound so that after landing in this world’s most populous nation, you can easily change it into RMB.
Through my nearly six months stay in Beijing now, I have learnt that unlike many countries, money changing business in China is under strict control.
Some of my Chinese friends have been telling me that the government had to tighten screws on this business simply to control unjustified capital flow and money laundering.
This makes it very difficult to spot bureau of changes or money shops around the streets of Beijing. Instead, the service is only available in major hotels, entry points like airports and at the financial institutions like banks.
Christophe Oswero contributes to the article. The ideas expressed are the author's alone, and do not represent the position of our website.