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Peter M. Geiser


1000 Travel Tips
Koen De Boeck

TIBET
The Internet Travel Guide

Peter M. Geiser

MONEY

The currency is the Chinese Yuan (ISO code CNY), divided into 10 Jiao or 100 Fen. However, money within China is called RMB (Ren Min Bi, people's money), and people normally refer to Yuan as Kuai (piece, the counting word for money, as in yi kuai qian = one piece of money), Jiao as Mao and Fen as Sen.

Notes are available in denominations of 100, 50, 10, 5, 2 and 1 yuan, 5, 2 and 1 jiao, and 5, 2, and 1 fen. Coins are 1 yuan, 5, 2 and 1 jiao, and 5, 2 and 1 fen.

The exchange rate is about USD 1 = 8.278 CNY (Nov 1998)
(Historical development: 8.28 in Dec 1997, 8.28 in Oct 1996, 8.3 in Sep 1995, 8.7 in Jan 1994, 5.762 in 1993, 5.5146 in 1992, 5.3234 in 1991, 4.7832 in 1990, 3.7651 in 1989)
Travellers cheques will give you a better exchange rate.

The FEC (Foreign Exchange Certificate) was finally abolished in January 1994. However, it seems that still a few circulate.

The disappearance of the FEC also caused the black market to virtually disappear. If you really want to change money on the black market, make sure you know the exchange rates, the bank notes, and count carefully the money you get before handing over your own money. Changing money on the black market is illegal, there are sometimes secret police changing, the exchange rate may be worse than in banks and shortchangings are frequent, so it is not really advisable anymore to change money on the black market unless you know the game quite well.

Travellers cheques denominated in most major currencies are accepted by the Bank of China. You normally get a better exchange rate than for cash. There is a 0.75% commission.

Most larger hotels, restaurants and department stores accept credit cards. Of course you can be sure that when you can pay with credit card you pay some two to three (or even more) times more than when you go shopping at a place where credit cards are not accepted (e.g. markets.)

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