Money

Money

Money and Costs

The currency in China is known as the renminbi or yuan. It is not a freely convertible currency, but its value has been allowed to rise and fall within a wider range in recent years. The official exchange rate on May 31, 2008, was 6.947 per US$1, compared to 8.27 to the dollar in July 2005. Costs vary, with plenty of opportunity for extravagance or prudence depending on your budget. A hotel can cost US$300 per day or more, while a hostel may be had for about US$6 a night for a very basic single. Meals can easily cost US$50 or more in an upmarket restaurant or US$3 for something equally delicious on the street. Taxis are inexpensive: you can ride right across the city’s urban area for about 50 yuan (US$7).

A growing number of international ATMs can be found, especially at Bank of China outlets around the city. Most internationally recognized credit and debit cards can draw money from machines with the appropriate logo. Visa, MasterCard and other major credit cards are increasingly becoming accepted in big department stores, hotels, shopping centres and up-scale restaurants, but keep some cash handy just in case.