The Chinese economy is considered one of the most advanced in the world, but its currency is not popular. In Russia, it has long been known and used due to the favorable geographical location of both countries and active trade and financial relations between them.
A brief history of China's currency
China is one of the oldest states in the world. The first mention of its currency appeared more than 4 thousand years ago.
Initially, local money consisted of bronze bars, but then their appearance changed and they began to resemble round copper discs with a square-shaped hole in the middle. This type of currency existed for over 2 thousand years and was issued until the 20th century.
The more famous history of the yuan as a currency begins since 1835... At that time, it was made from silver in the form of coins. In 1935 they were replaced by "fabi" - gold coins.
Since 1948, with the support of the gold fund, paper yuan has been introduced into circulation. After the merger of the country, the People's Bank of China began issuing a common currency - money for the people, called "renminbi". This name is used in everyday life within the state, and for international trade and all kinds of transactions, the word "yuan" is used, which means a circle.
The money symbol is depicted in different ways:
- 元 - the image of money during a regular letter;
- 圓, as well as 圆 - a complicated variation;
- Ұ is a symbol that originated from the Japanese currency.
What is the currency in China
"Chinese yuan" - this is the name of the currency in the PRC (in the international designation - CNY). However, if we consider the modern local language, the word "yuan" means money. Therefore, in the Chinese speech there are such words as "Russian yuan", "American yuan" and "European yuan".
In addition to the main name, the local currency also has a nickname - "Renminbi", which translated into Russian means "people's money" or abbreviated - RMB. The abbreviations listed above are considered synonyms. Therefore, in banks you can find absolutely any of them.
Important! In order to understand what currency is in Beijing and how much it will cost, just go to the website of any international financial institution and go to the section with the international exchange rate.
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What currency to go to China with
Very often, many tourists who decide to visit Asia have a question - what money to take to China, how much? The answer is naturally obvious - for purchases in this country, it will ideally be to have a currency in US dollars. Their exchange for local finance will not be difficult, especially since the rate is very profitable. For 2020According to the latest data, you can get 10 Chinese yuan for $ 1.6. * You can also change the euro, but the exchange rate is greatly undervalued and many people do not like it.
In order to exchange rubles, you will have to spend a little time on the border territories of Russia if you are planning a trip inland. And in a city like Hainan, you can pay with them even at the local market, because it borders on the Khabarovsk and Primorsky regions.
This procedure became available after the appearance of permanent tourist routes and tours, which are becoming more popular from year to year. Many store names are listed here in Russian, prices are set in rubles, and travelers, without using a converter, can immediately understand how much a particular product costs.
The yuan is the currency of mainland China
In the international financial market, the value of China's currency means practically nothing, despite its leading position as the world's main exporter. Considering the world currency as a whole, the share of the yuan is no more than 1%... A similar indicator was formed for the reason that local authorities are afraid of the free movement of mainland finances. Thanks to this policy, speculation is not carried out with the local currency in Beijing in the domestic market.
The main functions of setting the exchange rate are performed by the Halyk Bank - the market has nothing to do with it. Because of this, the problem often arises of how to exchange dollars for yuan in China, avoiding rigid established frameworks. Therefore, this procedure gives rise to many bureaucratic problems.
Note!To issue large amounts, you will need to send a request to the People's Bank to exchange foreign currency for yuan, as well as repeat these manipulations during a reverse transaction.
How much money to take and what to spend
When you travel to China on your own, or when you buy a ready-made tour for a comfortable trip, you will need from 8 to 14 thousand yuan - this amount is calculated for two. It includes:
- nutrition;
- sightseeing;
- accommodation in a 3-4 star hotel;
- transport movements.
These costs will depend on the level of hotels, the chosen transport, as well as the number of attractions and their distance from each other. For example, when visiting various ancient temples, you will need to pay for the delivery of a tourist to the desired province, as well as the inspection of the shrine itself.
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The prices for food are also influenced by the choice of the format of the establishments:
- expensive restaurants;
- Cafe;
- street eateries;
- fast food.
Which card is better to go with
You can use Visa and MasterCard cards familiar to Russia here practically without any problems. On their basis, more than 90% of ATMs will issue the required amount of finance. Although, for greater confidence, it is advisable to use ATM services, which are included in the system of the main three of the PRC:
- BOC (Bank of China).
- ICBC (industrial Bank of China).
- ABC (Agricultural bank of China).
It is not necessary to bring debit cards and cash with you to China: credit cards are enough. They can be used to pay in restaurants, cafes, shopping centers. However, you won't be able to use them to pay for online purchases. Also, in case of remoteness from administrative centers, there will be little benefit from them and in such a case it is advisable to stock up on cash.
Important! In China, there are small settlements in which natural commodity exchange flourishes, and they do not enter into monetary relations there.
Currency exchange rates and where it is more profitable to change
In order to receive the banknotes of China for your use, you will need to visit a bank. This method is considered to be the best, because in this case it will be possible to gain the most favorable exchange rate. The disadvantages include the fact that you will need to fill out special papers, as well as present a passport. For an exchange under a simplified scheme, it is enough to contact the main financial institution - Bank of China. Its branches are located almost throughout the country in large numbers.
In addition to banks, you can make exchange transactions at the hotel. The main advantage of such actions can be considered a good knowledge of the English language by the staff. No documents are required, and the problem of where to change money in China will be solved on the spot. But this method has one significant drawback - the rate is much lower than the official one.
Is it possible to change rubles in China
How is it worth going to China: with dollars or yuan, or rubles? In general, it is better to make an exchange in the border area. The resulting amount must be divided into 2 equal parts: dollars and yuan. For example, the currency in Shanghai is different, but there is nothing to do with rubles for one simple reason - exchange offices refuse to buy them or perform this procedure at low prices.They can be safely spent in the city of Heihe, which is connected to the Blagoveshchensk road bridge.
Interesting fact! Personal contact details can often be seen on Chinese currencies. It is the young people who leave them in the hope of getting to know each other.
Features of currency exchange in China
When carrying out exchange manipulations in China, you should remember 2 rules:
- It is allowed to change no more than 5 thousand dollars daily.
- A month - no more than 50 thousand in US currency.
However, these restrictions apply only to cash transactions with individuals. If large sums are sent to purchase an expensive product, then these conditions do not apply to them.
Given their mentality, the people of China are especially careful to check the bills for authenticity, the presence of scotch tape, and all kinds of inscriptions. Because of this, exchange procedures in banks often take a long time - in the region of several hours.
If a tourist is faced with a choice - to go abroad with dollars or yuan, then you should remember that the import of foreign currency over 3 thousand dollars will require filling out a declaration at customs.
Ruble to RMB exchange rate
Currently, as of February 2021, the Chinese yuan to the ruble is 1 to 9. For a clearer explanation, you don't even need a calculator. To get 1 thousand yuan, you need to pay 9 thousand rubles. This indicator is set by the Central Bank and if there is any change, it is published on its official website.
The main indicator of the exchange rate is considered to be the ratio of the yuan to the dollar, and banks use these parameters to set their own quotes. Usually, on financial web resources, you can observe special charts that show the rise or fall in value.
Interesting fact! If the yuan is considered the oldest currency on the planet, then the euro is the youngest in the world.
What currency is better to take to China, tips for tourists and recommendations
The yuan in China is the main financial instrument through which payments can be made throughout the country. Undoubtedly, the dollar is also perceived positively, but in large metropolitan areas. If you need to fly to any island remote from the administrative centers, you need to get local money in advance.
Here are some small tips for tourists:
- It is important to keep the paper receipts that are issued during the exchange, otherwise the reverse procedure may not take place. Bankers will definitely require them to be provided, no matter how long ago the exchange operations were carried out.
- It is better to leave the main cash in hotel safes, and have small amounts available for payment (this way you can avoid a robbery).
Celestial Empire is a popular place for recreation and shopping among Russians. If we consider which country is the leader in visiting China, then Russia takes first place in this list. The proximity of states, simplified border crossing, close trade ties played a leading role in this. Thanks to this, free circulation of the Russian currency is allowed in some Chinese cities, which speaks of the loyal attitude of the Big Neighbor.
* Prices, course are valid for February 2020.
