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Chinese Currency

The official currency of the People's Republic of China is the renminbi (RMB), which literally means "people's currency", the unit of currency is the yuan.

It is issued by People's Bank of China, the monetary authority of China.

Yuan is casually written in Chinese characters as the easily recognizable 元. It is formally written as 圆 to prevent counterfeiting. One (1) yuan is divided into 10 jiao (角). One (1) jiao is divided into 10 fen (分). The largest denomination of renminbi is 100 yuan. The smallest is 1 fen.

yuan is also commonly called kuai (块) in everyday speech. jiao is also commonly called mao (毛).

In China, prices are usually marked with ￥ in front of them and occasionally with 元 (yuan) at the end of the price.

ATMs providing withdrawal services for foreign cards in RMB are available at convenient locations throughout the city. Also, many banks provide machines that accept a wide variety of foreign banknotes and dispense the equivalent in RMB.