Renminbi Or Yuan Is The National Currency of China. Yuan Is The Primary Unit of Account of the Renminbi, The Currency of The People’s Republic of China. “Chinese yuan” is widely used In International to Refer to The Renminbi. The Renminbi is Issued by the People’s Bank of China. The communist party established the People’s Bank of China and issued the first RMB in December 1948. It was about a year before it defeated the Kuomintang government. Though the official abbreviation is CNY, the abbreviation as RMB is common, too.
When shopping in China, a storekeeper might express prices in terms of kuai, which translates into “pieces,” and is similar to how Americans use “bucks” to mean dollars. The banknotes are is 100 yuan, 50 yuan, 20 yuan, 10 yuan, 5 yuan, 2 yuan, and 1 yuan. One yuan can be further divided into jiao and fen. There is 10 jiao in a yuan (think dimes in a dollar) and 100 fens in a yuan (think pennies in a dollar). The central bank has issued both coins and notes for jiao and fen, though notes for fen denominations are rare.
Chinese banks operate from Monday through Saturday from 8.00 AM to 5.00 PM on weekdays, and from 8.00 AM to 11:30 AM on Saturdays. The hotel exchange offices are operating seven days a week. China also accepts credit cards as follows: MasterCard, Visa Card, American Express Card, JCB, Diners Card, and traveler’s cheques.