Unlike most countries in the People's Republic of China, the name of the currency and currency are different. Yuan is a measure of Renminbi, often translated as "people's money." Because of this, the difference in abbreviation arises: in the international classifier, the Chinese currency is designated CNY, and the Chinese themselves use the abbreviation RMB from the word "renminbi".
Multifaceted currency
No less confusion is caused by the characters used for Chinese yuan. The RMB currency is designated as , but the Japanese yen symbol ¥ is often used. Jenminbi also has its own character 元. In the celestial stores, all these designations are used: abbreviations CNY and RMB, as well as combinations of CN ¥ and CN 元. All this diversity means one thing - the amount is indicated in RMB, nothing else can be calculated on the territory of the PRC. The exception is made by independent regions: Taiwan, Hong Kong and Macau, in the territory of which their currencies are used.
Upon arrival in China, having already studied, it would seem, all kinds of names and spelling of local money, tourists often hear the new “kuai” and “mao”. These are colloquial concepts that replace the yuan and their small jiao coins . Kuay translates as “piece”, such a change of name can be compared with American bucks.
Modern coins and banknotes
Chinese yuan consists of several parts. Even here, the RMB currency stands out: in one yuan 10 jiao, in each jiao 10 fans. Mao and Fans are minted in coins of denominations of 1 jian, 5 jian, 1 fen, 2 fen, 5 fen. Fans are meeting less and less every year, often prices are rounded to jiao. In addition to being used to doing without them, the coins of the smallest part of the renminbi are short-lived. Due to the low cost, they were produced from softer metals, as a result, 5 fans could be bent with fingers.
The 1 yuan coin is quite popular, although it is printed in paper equivalent. Larger denominations are issued only in the form of banknotes: 5, 10, 20, 50 and 100. Many find it uncomfortable that the hundred is the largest banknote, since the cash Chinese popular (RMB) currency, whose rate is very stable, takes up a lot of space if necessary operations with large amounts.
RMB stability
The currency of China is considered one of the most reliable in the world, which is confirmed by the fact that it has been recognized as reserve since 2012. More and more banks and corporations in all corners of the planet are transferring their assets precisely to Chinese money. Enterprises engaged in international operations unanimously acknowledge the benefits of yuan translation due to its undervalued exchange rate.
Confirmation of stability is the stability of the renminbi at the level of fluctuations of other world currencies. Until 2005, there was a link: the Chinese (RMB) currency to the dollar had a constant ratio of 8.28: 1. After the government decided to entrust the currency to trading, contrary to many opinions, the yuan only grew. Currencies of the European Union, America, Japan and South Korea are most affected by the state of Renminbi; the impact of the rest is insignificant.
RMB rate
Since the RMB currency now depends on trading, its rate is minimal, but fluctuates every day. In mid-April 2016, the official renminbi exchange rate is as follows:
- For 1 American dollar they give 6.48 yuan, or 1 CNY = 0.15 USD.
- For 1 euro they give 7.30 Chinese yuan, or 1 CNY = 0.14 EUR.
- For 1 pound they give 9.20 yuan, or 1 CNY = 0.11 GBP.
- For 1 Japanese yen they give 0.06 yuan, or 1 CNY = 16.79 JPY.
- For 1 Russian ruble they give 0.10 yuan, or 1 CNY = 10.26 RUB.
- For 1 Ukrainian hryvnia they give 0.26 yuan, or 1 CNY = 3.93 UAH.
Where to change currency: exchange rate difference
In Chinese banks, the RMB purchase and sale rate differs from the official renminbi rate by literally 1-1.5%. In hotels, the rate will differ by 3-4%, in exchange points by 2-3%. The worst rate is offered at airports; it can be 5-6% lower than the official one. In terms of benefits, it is definitely worth going to the bank and changing the money brought in it. By the way, it is advised to import dollars or euros, since such a rate as the RMB currency to the ruble is almost never found in China. You have to go around a dozen banks to find the one that accepts rubles, and the set rate will be less. Therefore, it is better to buy American or European currency in advance, and then exchange it for RMB.
The difficulty of exchanging money at banks and exchangers is that employees speak Chinese. The bank wins by having a currency exchange form with a translation into English. Do not be afraid of documents, everything you need is copied from your passport (nationality, series and number, last name, first name), plus you will need to indicate the name of the hotel and the amount you want to change.
The process of filling out the form, waiting in line and the exchange itself usually takes from 30 minutes to an hour. If you are afraid of filling out forms and that you cannot explain at all, change money at the hotel. Yes, the course will be worse, but the staff usually speaks good English and only a passport is required.
Useful Tips
To avoid the need to change a large amount at the airport, it is enough to have money to travel to a hotel or city, where it will already be possible to change all the necessary amount at a more favorable rate. How much to change for transport? You can get out of Shanghai Airport by high-speed train, costing about 50 yuan, or by metro, the ticket price depends on the distance, a maximum of 10 yuan. From Beijing airport to the city, it is most profitable to get there by express for 25 yuan, a subway ticket will be more expensive. The cost of transport is growing at times, so change the road a little more.
When exchanging money at the bank, along with Chinese money, you will be given a receipt that is worth keeping. If you still have excess RMB, a reverse exchange will only be possible if you have confirmation of the initial purchase of RMB.