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The topics in this section give you what you need to know concerning money issues when you are in China. They are information you need, so as foreigners, you will know what to expect and what to do when a situation arises regarding money matters.
Visas
- Visas
are required for all foreigners.
- Application
of a tourist visa requires travel information including return airline
ticket, hotel booking and itinerary in China.
- A single
or double entry visa is usually valid for entry within 3 months from
the date of issue.
- Multi-entry
visas are normally valid for 6 months and only issued according to official
invitation letters for business visitors.
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Money
Matters
- The official
currency of China is the Renminbi (RMB).
- The basic
unit is known as the yuan.
- A yuan
is divided into 10 jiao.
- A jiao
is subdivided into 10 fen.
The Bank
of China issues RMB notes in denominations of 2, 5, 10, 50 and 100 yuan
and notes in values of 1 yuan, 5 jiao and 1, 2 and 5 fen.
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Foreign
Currency and Traveler’s Checks
- They can
be changed at the main branches of the Bank of China, major hotels,
Friendship Stores, and major department stores.
- Exchange
receipts should be kept to enable the conversion of any remaining RMB
at the end of your trip.
- The exchange
rate for travelers’ checks is more favorable than that of cash.
- Thomas
Cook, American Express and bank of America are generally accepted.
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Credit
Cards
- Their
acceptability is improving in China.
- Branches
of major credit card companies are located in cities such as Beijing,
Shanghai, Guangzhou and Xiamen.
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Tipping
- This is
not practiced in mainland China.
- Consumer
taxes are included in the price tag of goods but big hotels and fine
restaurants may charge a service tax of 10% or more.
- Tip only
upon receiving the service.
- As a foreigner,
the locals may overcharge you.
- Bargaining
is expected almost everywhere except in larger stores.
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Shopping Tips
Typical "Chinese"
goods such as silk, personalized printing blocks, jade, tea and porcelain
are easily found and obtained in all parts of China. There are many choices
to keep your shopping intentions occupied. Haggling was never the norm
before, but due to the greatly overpriced goods offered nowadays, it would
be wise to bargain or compare prices in the free markets. If you're an
antique enthusiast, China will be a place after your own heart with so
many antiques and curio shops abound. Nevertheless, it is essential to
check that the official red seal of the shop is on the product. If not,
it will pose a lot of problems buying and exporting antiques without this
stamp. Go to smaller towns in China where ethnic minorities live and you
will find a wide selection of craft objects for daily use or specially
embroidered garments.
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