Exchanging Money in China

I have written on the subject of money in the past and I go back and update all my blog entries often.  Chinese money is called  Yuan.  As of Dec. 2014 the exchange rate is 6.13 yuan = $1.00 U.S.  I will try to update this often but the rate has been steady around 6.10 this past year.  Pictured here is the Yuan in different denominations.   The largest bill is 100 yuan or roughly $16.00.  There are cash machines located in many larger cities; but you can also exchange cash in your hotels with a small charge.  It is a service to guests.  You can also exchange money at some banks but not all especially in the countryside or remote areas.  So be sure to change money before going to those areas.  Cash is King in China and credit cards are generally not accepted except in large department stores, hotels and some limited restaurants.  Debit cards are limited as well.   You will see people making large purchases with cash.  One couple I know purchased their apartment and paid cash for it.  It took three people with large bags to carry it to the previous owner.  I have also seen people making luxury purchases in department stores also paying large amounts in cash.  If you are on an organized tour you will find that you will not need to carry much cash with you unless you want to make a large purchase.  Exchanging enough to use for about 3 days is sufficient unless you are going to spend some time in the more remote areas.   For more information or questions on Money in China please feel free to contact me at  interlak@eskimo.com   They call me ChinaDave.   Doing Quality tours to China and Tibet for 25 Years!
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