The currency of China is the Chinese RMB (Renminbi). The popular unit of RMB is Yuan. One Yuan equals Ten Jiao and One Jiao equals Ten Fen.
Legal currency exchange in China is done in hotels, banks and stores at the official rate set by the central government through the Bank of China. The airport has foreign exchange facilities and ATMs.
ATMs are widely available in Shanghai and one needs to carry the security pin as most of the ATMs it. If using a credit card to withdraw cash at an ATM a 3% charge applies.
Traveller’s cheques are only accepted in banks and deluxe hotels. Most of the local hotels do not accept these cheques. Service fee is charged for changing traveller’s cheques.
All major credit cards are accepted in most tourist areas, major shops and factory outlets, restaurants and hotels. Before using the card, the card company should be informed about its usage outside the country.
Money can be changed at the airport in Shanghai as well as in major hotels and most of the banks at competitive rates. Standard exchange rates are available in the newspaper.
Banks generally provide the best rates. Money changers can be found on the streets in most areas.
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