CHINA

CURRENCY:

Renminbi Yuan - CNY, Symbol ¥

DENOMINATIONS:

NOTE: ¥100, 50, 20, 10, 5 and 1, and 5 and 1 chiao/jiao.

COIN: ¥1, 5 and 1 chiao/jiao and 5, 2 and 1 fen.

Please note that counterfeit ¥50 and ¥100 notes are commonly found in China so beware of these.

US DOLLAR ACCEPTED?

You can use Western currency to purchase items such as imported luxury items in some hotels and shops aimed at tourists.

CREDIT/DEBIT CARDS AND ATMS:

Most major credit cards are accepted in major cities - in certain locations so do check beforehand. ATM machines are not found so easily in China - although you may find them at airports and larger hotels. It is advised to have sufficient local currency when travelling in China.

CURRENCY EXCHANGE:

Please note that the CNY is cannot be traded outside China. You can, however, exchange traveller's cheques and foreign bank notes - EXCEPT Northern Irish and Scottish bank notes - at The Bank of China.

TRAVELLER'S CHEQUES:

Best in US Dollars, these can be exchanged at The Bank of China.

BANKING HOURS:

Mon-Fri 0900-1600 OR 1700. Note that some banks close from 1200-1300.

CURRENCY RESTRICTIONS:

Restrictions do apply - import and export of local currency is limited to CNY 6000 in cash. Import and export of foreign currency has varied limits.

COUNTRY OVERVIEW:

China is a country in East Asia. It has what some describe as "the world's oldest people" - dating back many millennia. Its full name is the People's Republic of China and has the largest populace in the world (see population below). China is ruled by the Communist Party of China.

POPULATION:

Around 1.3 billion

ECONOMY:

The economy of China is based around its communist system. It has experienced great disaster thanks to the "Great Leap Forward" system initiated by Mao Zedong. With his system, he was trying to move China into a functioning industrialized communist society. It proved to be a major failure for the Chinese economy but since that time, the country has managed a reform which has enabled a more market-oriented way of working. Collectivization was abolished in order to increase production rates. This new freedom has ensured that China's economy is one of the fastest-growing in the world.

While the state does still hold control over certain industries such as energy, the private businesses make up for the majority of national output.