The official currency in China is the Renminbi (RMB or CNY). The basic unit is the yuan, one of which equals 10 jiao, which is then divided into 10 fen. Paper currency comes in 1,2,5,10,50 and 100 yuan notes.
It is possible to exchange traveler’s checks or cash at most banks, and hotels always have a money exchange counter. Cash advances are available on most common credit/debit cards e.g. American Express/Visa/MasterCard, but this facility is available only from the main branch of the Bank of China in Guilin. A fee of 3%-4% will be charged. The Bank of China has an ATM network that allows cash advances from major credit / debit cards and ATM cards. Check your credit card provider for this information before leaving your home country. You are required to present your passport when changing money and travelers checks. Hotels will usually only allow you to change money if you are guest at the hotel. The RMB is not easily convertible in the international market so it is only usable in China. It is advisable to
change only the money that you need for your trip, as it may be difficult to change it back to your preferred currency later. You can convert unused RMB to another currency in China by producing the receipts from your original purchase of RMB in China. This exchange can be done at the airport as you leave China. There is a foreign exchange black market but it is illegal.
Major credit cards such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores. Check on the acceptance of your credit card before you make purchases. Credit cards cannot be used in most restaurants and small convenience stores. Airplane tickets can be purchased with credit cards. Credit cards can be used to get a cash advance in the main offices of the Bank of China.