Currency & Exchange in Shanghai

The Chinese currency is officially called the yuan (Y), and is also known as renminbi (RMB), or "People's Money." You may also hear it called kuai, an informal expression like "buck." It's pegged to the dollar at around Y8.

Both old and new styles of bills circulate simultaneously in China, and many denominations have both coins and bills. The Bank of China issues bills in denominations of 1 (burgundy), 2 (green), 5 (brown or purple), 10 (turquoise), 20 (brown), 50 (blue or occasionally yellow), and 100 (red). There are 1-yuan coins, too. The yuan subdivides into 10-cent units called jiaoor mao; these come in bills and coins of 1, 2, and 5. The smallest denomination is the fen, which comes in coins (and occasionally tiny notes) of 1, 2, and 5. Counterfeiting is rife in China, and even small stores inspect notes with ultraviolet lamps. Change can be a problem—don't expect much success paying for a Y13 purchase with a Y100 note, for example.

Exchange rates in China are fixed by the government daily, so it's equally good at branches of the Bank of China, at big department stores, or at your hotel's exchange desk, which have the added advantage of often being open 24 hours a day. Any lower rates are illegal, so you're exposing yourself to scams. A passport is required to change money. Hold on to your exchange receipt, which you need to convert your extra yuan back into dollars.