Currency RMB - Chinese people's money

Unlike most countries in the People's Republic of China, the name of a monetary unit and currency is different. Yuan is a measure of RMB appreciation, often translated as "people's money". Because of this, there is a difference in the reduction: in the international classifier, the Chinese currency is denominated in CNY, and the Chinese themselves use the RMB reduction from the word "renminbi".

Multifaceted currency

No less confusion is caused by the symbols used for the Chinese yuan. The RMB currency is denoted as Ұ, but the Japanese yen symbol is often used. Also, the RMB has its own hieroglyph 元. In stores in the Middle Kingdom, all these designations are used: abbreviations of CNY and RMB, as well as combinations of CN ¥ and CN 元. All this diversity means one thing - the amount is indicated in yuan, nothing can be calculated on the territory of the PRC. The exception is the independent regions: Taiwan, Hong Kong and Macao, in whose territory their currencies are in progress.

Upon arrival in China, having already studied all kinds of names and writing of local money, tourists often hear new "kuai" and "mao". These are the conversational concepts that replace the yuan and their small coins jiao. Kuai translates as a "piece", such a name change can be compared to American bucks.

Modern coins and banknotes

Chinese yuan consist of several parts. Even here the RMB currency is allocated: in one yuan 10 jiao, in each jiao 10 feng. Mao and the fans are minted in coins worth 1 jian, 5 jian, 1 fen, 2 feng, 5 feng. Fengs meet every year less often, often prices are rounded to jiao. In addition, that without them used to get along, the coins of the smallest part of the renminbi are short-lived. Because of their low cost, they were produced from softer metals, as a result, 5 fans could be bent with their fingers.

Quite popular is the 1 yuan coin, although it is also printed in paper equivalent. The larger denominations are issued only in the form of banknotes: 5, 10, 20, 50 and 100. Many consider it uncomfortable that the hundredth is the largest bill, since the cash Chinese popular currency (RMB), whose exchange rate is very stable, takes up a lot of space if necessary Transactions with large amounts.

Stability of the renminbi

The currency of the PRC is considered one of the most reliable in the world, which is confirmed by the fact that it has been recognized as a reserve one since 2012. More and more banks and corporations in all corners of the world translate their assets into Chinese money. Enterprises performing international transactions unanimously recognize the benefit of recalculation for yuan because of its undervalued rate.

Confirmation of stability is the stability of the renminbi at the level of fluctuations in other world currencies. Until 2005, there was a peg: the Chinese (RMB) currency to the dollar had a constant ratio of 8.28: 1. After the government decided to entrust the exchange rate to trading, contrary to many opinions, the yuan only grew. The most influences of the RMB appreciation are the currencies of the European Union, America, Japan and South Korea, the impact of the rest is insignificant.

RMB exchange rate

Since the RMB currency now depends on trades, its rate is minimal, but fluctuates every day. In mid-April 2016, the official exchange rate of the yuan is as follows:

• For 1 US dollar, give 6.48 yuan, or 1 CNY = 0.15 USD.
• For 1 euro they give 7.30 yuan, or 1 CNY = 0.14 EUR.
• For 1 pound sterling, give 9.20 yuan, or 1 CNY = 0.11 GBP.
• For 1 Japanese Yen give 0.06 yuan, or 1 CNY = 16.79 JPY.
• For 1 Russian ruble give 0.10 yuan, or 1 CNY = 10.26 RUB.
• For 1 Ukrainian hryvnia give 0.26 yuan, or 1 CNY = 3.93 UAH.

Where to change currency: course difference

In the banks of the PRC, the RMB purchase and sale rate differs from the official RMB appreciation literally by 1-1.5%. In hotels, the rate will differ by 3-4%, in exchange offices by 2-3%. The worst rate is offered at airports, it can be lower than the official rate by 5-6%. In terms of benefits, it is definitely worth to go to the bank and change the money in it. By the way, it is advisable to import dollars or euros, since there is almost no such course as RMB currency to ruble. We'll have to get around a dozen banks to find the one that accepts rubles, and the exposed rate will be less. Therefore, it is better to buy an American or European currency in advance, and then exchange it for yuan.

The difficulty of exchanging money in banks and exchangers is that the staff speak Chinese. The bank wins by the presence of a form of currency exchange with a translation into English. Do not be afraid of documents, everything you need is copied from the passport (nationality, series and number, surname, name), plus you will need to specify the name of the hotel and the amount you want to change.

The process of filling in the form, waiting in the queue and the exchange itself usually take from 30 minutes to an hour. If you are afraid of filling out the forms and the fact that you can not explain at all, change the money at the hotel. Yes, the course will be worse, but the staff usually speaks English well, and only a passport is required.

Helpful Tips

In order not to need to change a large amount at the airport, it is enough to have money to travel to a hotel or a city where you can already change all the necessary amount at a more favorable rate. How much to change for transport? From Shanghai airport you can get on a high-speed train, costing about 50 yuan, or by metro, the ticket price depends on the distance, maximum 10 yuan. From Beijing airport to the city is most convenient to get on the express for 25 yuan, the ticket for the metro will come out more. The cost of transport is sometimes increasing, so change the road a little more.

When exchanging money in a bank, along with Chinese money, you will be given a receipt that should be kept. If you have an excess RMB currency, the reverse exchange will only be possible if there is confirmation of the original purchase of RMB.