The Chinese yuan is used as the modern state currency of the PRC. International currency designation - CNY (code 156). The expression “yuan renminbi” is also often used in financial sources. Please note that this is how the national Chinese currency was designated in the OKW (All-Russian Classifier of Currencies) until 2009. At the moment, Chinese money is officially classified in Russia as simply yuan. The currency has two fractional units - jiao (1/10 of the yuan) and fen (1/100 of the yuan). Banknotes are represented by 1, 5, 10, 20, 50 and 100 yuan. Coins - 1, 2, and 5 fans; 1 and 5 jiao, as well as 1 metal yuan.
“In the interbank turnover of SWIFT, the Chinese yuan traditionally occupies one of the most significant positions, although at the same time it is much inferior to both US dollars and euros. The Chinese currency is not freely convertible and is rather tightly pegged to the dollar. ”
Currency of China: exchange rate against the ruble
The yuan / ruble ratio has been very stable over the past year, showing insignificant fluctuations. On average, the official exchange rate of the Central Bank of Russia in September 2015 was 10.31 Russian rubles per 1 Chinese yuan. In turn, 1 ruble during the indicated period officially cost 0.10 yuan (about 9.70 yuan per 100 RUB). For comparison - at the beginning of 2015 (01/01/2015) for 100 rubles you could buy 11.04 yuan, and for 1 yuan - 9.06 Russian rubles. Let's remind: we are talking about the official rates of the Central Bank of Russia.
Exchange rates in China
You can get acquainted with the official rates of major world currencies in relation to the yuan on many Russian-language sites that regularly update information according to the People's Bank of China. The Sravn.ru project also publishes changes in the rates of the most popular currencies in the world, which undoubtedly includes the renminbi yuan. You can find out the rate of the yuan against the ruble, dollar, euro or other monetary units in the corresponding section "Currency exchange". We remind you that published official rates differ from real bank rates, as well as rates set by commercial currency points.
China: currency / dollar
As already mentioned, the Chinese yuan is not subject to free conversion, and at the same time, its exchange rate has been quite stable against the US dollar over the past years. So, in 2015 (September) 1 US dollar was worth 6.36 yuan. At the beginning of 2015 - 6, 21 yuan. As of September 2014, the ratio was 6.14 yuan per 1 dollar, and as of January 2010, it was 6.83 yuan per 1 USD, respectively. Using the example of such a random sample, one can easily make sure that the Chinese currency is indeed pegged and stable to the dollar, and even the devaluation of the yuan, carried out at the end of the summer of 2015, practically did not affect the dynamics (more precisely, it did little).
What currency to go to China with?
The dollar is traditionally considered the recommended currency for a trip to China. At the same time, other currencies - euros and rubles - can be exchanged almost everywhere. Many travelers prefer to take a ruble card on a trip and pay with it.
"Do not forget to warn the issuing bank that you plan to use the card to pay for goods and services in China - otherwise, it may simply be blocked for security reasons."
In the Chinese city of Suifenhe, bordering Russia, the Russian ruble has recently begun to circulate officially. This special regime was introduced for experimental purposes. If the latter is successful, the People's Bank of China may expand the geography of regions with free circulation of the ruble (however, these will be the same border regions).
Devaluation of currencies in China
On August 11, 2015, the People's Bank of China carried out an official depreciation (devaluation) of the yuan against the USD by 1.9%, which, in fact, is a record at the moment. The next day, the yuan continued to depreciate, falling another 1.6%. After that, Halyk Bank said that it did not see objective prerequisites for further devaluation, and the yuan strengthened in the rate. At the same time, the PRC devalued its own currency quite unexpectedly, which caused a lot of unrest in the global financial environment.
Chart and dynamics of the Chinese yuan
The exchange rate in the PRC is quite stable. After the last official devaluation of the national currency, which occurred in 2015, the Chinese yuan remains in its positions. As noted by Lou Jiwei, Minister of Finance of the PRC, there are no prerequisites for the revaluation of the dollar against the national currency. This conclusion is based on the economic performance of the country as a whole. The active growth of industry and the presence of a huge number of production facilities of the largest corporations in the world ensure the active development of China and the strengthening of the yuan. In the last decade, there has also been a rapid development of its own production, especially in such branches of economic activity as light industry and technology. The yuan is considered one of the most stable currencies in the global economy.
Currency exchange in China
You will need local currency to travel to China, however, currency exchange outside the country is not an easy task. In addition, the exchange rate is often less profitable than directly in the PRC. It is better to perform such operations in a banking institution, since exchange offices in the country have appeared relatively recently, and their number is insignificant. Hand-exchanging in China is quite dangerous. The best currency for buying the yuan is the dollar or the euro. It will be quite difficult to sell rubles even in large cities. The fluctuations in the exchange rate in various financial institutions are insignificant, since the rate is strictly regulated by the state and the deviations allowed in commercial banks are extremely small, then you can buy Chinese banknotes at the nearest bank with a currency exchange service.
Historical stages in the development of the Chinese currency
The yuan or "round coin" is a modern type of banknotes that has existed in the country since 1948, when all types of other currencies were massively replaced and withdrawn. However, monetary relations in China date back to 3000-4000 years ago. This is evidenced by the surviving writings and the presence of a hieroglyph meaning "money."
1st stage: V century - 221 BC - bronze elements resembling a shovel and a knife.
2nd stage: 260-210 BC - the appearance of a round coin with a square hole. Creation of a single currency. This form persisted until the twentieth century.
3rd stage: 960-1279, coins made of copper, bronze, lead were actively used. The unification of regions into a single state also gave impetus to the development of the economy and market relations. The first "flying money" appeared - written bills.
4th stage: 1279-1368 - paper money finally displaces bullion. Transactions with payment in gold are banned, and a unified monetary system of the country is created.
5th stage: 1368-1644 - during this period the main currency is the liang (36 gram silver bar). Only by the middle of the century did paper money begin to be actively used again.
6th stage: XIX century - 1835 - banknotes of other countries are used, the exploitation of liang is actively continued, feng and jiao appear - smaller units of measurement.
7th stage: in 1935, paper money is again introduced into use. Instead of being pegged to silver, gold becomes the benchmark.
Modern history of currency
In 1948, renminbi, the national currency, began to be used as the state currency. In the same period, a single state bank of China was formed, the correlation of the gold yuan to the dollar was 4: 1. For a long time, the course was unstable and depended on many factors. It was only by 1974 that some stabilization followed after being pegged to the dollar. However, the development of market relations with the eastern countries and the active growth of the economy forced the government in 2005 to establish a free exchange rate. The move was economically viable. Since 2006, the national currency has appreciated by an average of 7%.
Economic situation and prevalence of the Chinese currency
Given the stability of the yuan and the favorable outlook, most investments in the PRC are in yuan. Renminbi remain the only possible payment option in China, however, it is not difficult to exchange currencies - most banks in the country provide services for exchanging dollars and euros for yuan. It is more difficult to buy national money for rubles. This opportunity is available exclusively in the cities bordering on the Russian Federation.
The global economic crisis made the national currency of the PRC one of the most stable and stable, and the country's economic recovery strengthened the yuan and brought it to the world arena. Chinese money is approaching the level of the US dollar and the euro and has a high chance of becoming the world's reserve currency.
Credit Cards and ATMs
The country has a huge number of ATMs. Since the exchange rate is regulated by the government, the conversion is carried out at the standard rate. The commission varies from 1 to 2%. All main types of cards are accepted for service:
- Master Card;
- Visa;
- American Express;
- JSB card;
- Dinersclub.
Payment in shops by card is also available. Shopping centers and supermarkets, where there is such an opportunity, are equipped with a special mark at the entrance. However, before using at ATMs in China, you should inform the issuing bank in advance. Due to significant differences in software in the terminals of the Russian Federation and China, plastic blocking is possible.
Currency regulation in China
China has a system of state currency control. All cash settlement operations are carried out in national money. The use of other currencies is possible only for legal entities and for settlements with foreign counterparties.
For this kind of procedure, a standard transaction is performed - a currency transfer upon request. After the transaction, the company is obliged to submit an import or export declaration from the customs office. The whole process should take place within a period of no more than 90 days.
Currency exploitation is also possible in capital transactions. The list of permitted transactions includes lending, direct investment or securities.
Advice from Compare.ru: Remember that Russian rubles are quite active near the Russian border - they can be used to pay off (of course, unofficially) in many retail outlets, which is actively used by fans of Chinese shopping. For a trip "inland" it is recommended to stock up on a dollar reserve. There is a limit on the amount in Chinese ATMs, so before making large purchases, stock up on the required amount in RMB in advance.
In this article, we will briefly talk about what money to go to China with. Is it possible to pay in this country with Russian rubles or is it better to thoroughly prepare?
What is the currency in China
: Yuan (CNY);
What money to take with you: dollars, euros or rubles (more details below)
The national currency of China is the yuan (CNY). The name of this unit is translated as "round coin". Few people know that in the Chinese monetary system there is an analogue of Russian kopecks - feni, and 1 yuan consists of 10 feni. Along with these "kopecks", there are jiao in circulation: 1 yuan = 10 jiao.
The choice of money you take on a trip will largely depend on the geographical location of the area to which you are going to go. On the territories bordering with Russia, located near Primorye, Khabarovsk Territory or Amur Region, you can easily pay with domestic rubles. In some areas, for example, Suifenhe, the ruble is generally equated to the national currency. Here it is actively used to pay for goods and services, and when performing banking operations it acts as a freely convertible currency.
All monetary settlements on the territory of the People's Republic of China are made in yuan, however, it is not very profitable to exchange domestic rubles for yuan in Russia, however, as in China itself. For this reason, it is best for tourists to have dollars or euros with them - there are no problems with their exchange.
You can get your hands on yuan in China in different places: any traveler can contact Chinese banks or specialized exchange offices. This opportunity is also available in hotels and inns, airports and large shopping and entertainment centers. A prerequisite for money exchange is the availability and provision of a passport, and in order not to fall for the bait of scammers, you should avoid street money changers.
Almost in all supermarkets, boutiques, restaurants and cafes, visitors are provided with the possibility of cashless payments: bank cards of such payment systems as Visa, MasterCard, American Express, Diners Club and JCB are accepted for payment.
In order not to worry once again and not to run in search of an ATM, it is worth deciding in advance how much and what money to take with you on a trip. The best option is 60% of the total amount in yuan and 40% in US dollars. You are allowed to carry no more than $ 3,000 with you without issuing special documents, and already a large amount (up to $ 10,000) will have to be declared.
Experienced guides immediately advise you to go to Sanya with Chinese currency, while taking a small amount that you expect to spend on a tour in dollars. This is what the majority of tourists from Khabarovsk do.
What currency to take in Sanya: dollars or rubles?
It is better for the Far East to come to Sanya with yuan.
- Only Khabarovsk and Novosibirsk come here with yuan. The rest are bringing dollars or rubles with them, - says our expert on Sanya. - It is more profitable, of course, to go with yuan right away, because you can't win much on a double exchange either.
You can exchange Russian money for Chinese currency and vice versa either at the reception in the hotel or with the leaders of the tour groups.
You cannot change Russian money anywhere else, warns our expert, - The ruble is an inconvertible currency here, so it is not in banks.
You can change American money in the same way either with a guide or at a hotel. And you can do it at the bank, but get ready to spend 40 minutes of free time on this procedure. And be sure to take your passport with you.
- First, you will need to figure out which window to queue for currency exchange, then fill out a few documents, then wait until the bank employees check the bills for authenticity, - says Pavel, - Do not forget that few people here understand English and all the signs are in Chinese. It is easier for tourists to change at a hotel or with translators. The official rate of the Bank of China operates at the reception in any hotel.
Note that the American currency at this Chinese resort can be very useful. The fact is that all prices for excursions are announced in dollars and are also paid "green".
And if you convert from rubles to yuan, from yuan to dollars, it turns out more expensive, - explains Pavel, - but officially dollars are not bought in China, so the exchange rate offered by the money changers is to convert the yuan or rubles back into dollars higher.
There are many ATMs in Sanya, withdrawing money from a Visa card is not a problem. But Maestro cards are not served here.
As for bank cards, as our interlocutor told us, almost all hotels have Chinese bank ATMs that freely accept Visa and Master cards. And Maestro cards don't work in China.
It is even more profitable to pay with a card, there is no interest for conversion, - our interlocutor explained, - But not with Maestro's cards. Very often pensioners come with such cards hoping to use it, but unfortunately its ATMs do not accept.
And another important point on the calculations with the card. If during the purchase something extra was removed from you, do not demand the cancellation of the transaction, but rather take it in cash, - the expert warns, - Because the refund on the card can be returned from 2 to 10 days. I had a case when a tourist from Khabarovsk was waiting for a refund of her funds for more than a week. Therefore, in order not to be left without funds, in case of an error, take a cash refund.
In China, it is customary to bargain in the markets. But if you started bargaining, then buy.
Contrary to everything that is commonly thought, China is not a cheap country for a long time. It is still much cheaper than Europe, especially when it comes to food and accommodation, but it is already significantly more expensive than its southeastern neighbors: India, Nepal, Thailand, Laos, Vietnam and others. Buses and trains from the Chinese are also much cooler than their neighbors, newer, more punctual, but they also cost more. In addition, there is one peculiarity that distinguishes China from almost all countries that I have visited - here. The average Chinese save up for their rare vacation and then come off, littering money left and right. Many are carried as part of corporate walks, some buy cheap tour packages.
In addition to the level of hotels, your expenses will very much depend on the number of travels and attractions visited, as well as on whether you will eat coffee with croissants in foreign restaurants every day or prefer tortillas, rice and noodles with meat and vegetables. Hopefully, with this summary, you can get an idea and fairly accurately calculate how much money you need to take with you.
So, the order of prices. For convenience and stability, I write in yuan, the course can be spied on the Internet. Average 1 $ = 6 RMB
The official designation is ¥, in Chinese 元 Renminbi, yuan or the most popular word - kuai (cu)
BEVERAGES
- half-liter bottle of mineral water = 1-3 元
- water in the restaurant (filtered or hot) = free, as well as free cheaters and thermoses with boiling water for tea and instant pasta at all train stations, airports and even shops.
- cola, ice, etc. = 5 元
- coffee: where you can find it, a cup of cappuccino costs = 20-30 元
- tea: either thin tea will be brought to food for free, or it will cost 20-50 元 per glass / teapot
- tea in a tea house with a table and bells and whistles = 200-1000 元 (yes, yes)
- local beer 660ml = 3-5 元 in a store, up to 15 元 in a Chinese pub or restaurant
- imported beer 330ml = 20 元
- draft Guinness 500ml (such a luxury only in Beijing and Shanghai) = 40-50 元
on average, it takes about 50-100 元 per person per day for food, depending on the size of the individual, his appetite and aspirations
- pancake with egg and herbs, in the manner of crepe. cook in front of you in carts right on the street (safe, tasty, satisfying) = 3-5 元
- classic Chinese breakfast: boiled egg, fried dough, steamed dough, rice stew = 5-10 元 (inedible)
- Chinese sausages - no matter how much it costs, don't eat
- boiled corn on the street (no salt) = 5 元
- fruit in shops or carts on the street: more expensive than in Israel, cheaper than in Europe. measure of measurement - jin 斤 - half a kilo.
- portion of noodles = 15 元
- lunch for two in an average Chinese restaurant (not luxurious, but not in a dining room) of 2-3 meat and vegetable dishes and rice = 50-70 元
- bowl of rice served as a side dish = 2-5 元
- lunch for two at a foreign restaurant: Indian, Japanese, Arabic, Italian (in Beijing or Shanghai) = 100-200 元
- bed in the common room a la "dormitory" = 30-50 元 with a helmet. toilet and shower are usually shared on the floor
- room for two in a youth hostel in the south of China = 80-150 元
- a room in a small hotel for two in central and northern China = 120-150 元
- a room in a small hotel for two in Beijing or Shanghai = 200-300 元
- hotel room more serious = 500 元 and above
TRANSPORT
- city bus = 2 元
- metro 3-10 元 in Beijing, Chengdu, Xi'an and Shanghai, depending on distance
- taxi: starts from 5-15 元, depending on the city
- intercity bus = 50-150 元
- two-hour ride in a high-speed train of the first class = 150-200 元 of the second class = 100-150 元
- sleeping train, reserved seat = 200-400 元
- sleeping train, compartment = 400-700 元
- car with a driver for a day = 500-700 元
- domestic flights = 600-2000 元
- funicular in the national park = additional 50-80 元
- buses in the national park = usually free
- take a boat ride along rivers and canals = 100-300 元
- rent a bike for a day = 20-50 元
- entrance to the city park = 5-30 元
- entrance to a small temple in the park = 10-60 元
- entrance to a large temple or grottoes = 100-150 元
- entrance to the national park (any mountains fall under this definition) = 150-350 元
- museums = often free, according to the passport
- historical centers and villages = 50-100 元
- lakes and rice terraces (almost everything for money) = 50-150 元
PURCHASES
- essentials: paste, shampoo, dry and wet wipes, pads, hand cream are inexpensive. Basic medicines such as plasters, headache pills or cough syrup are a penny, but it is better to buy everything in large cities, then there may not be any or the choice will be very limited.
- $ 100-200 should be enough for souvenirs, tea, a couple of Chinese pictures and all sorts of trinkets
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