Shanghai Bank

Although credit cards are accepted in most of Shanghai’s big shops and malls. It is necessary for you to take enough Chinese currency with you. Except some hotels, resorts or places only for foreigners, you cannot use US dollars or other foreign currencies directly in the city.

 

The Chinese currency Renminbi (RMB) cannot be converted into foreign currency outside of China. Neither will you be able to change RMB into international currency at banks. 

 

You can exchange the currency over the counter at some banks in the city, such as the Bank of China. Also you can exchange the currency in some border crossings and international airport. Some well-equipped hotels also offer currency exchange service. Travelers’ check is acceptable here. But notes or check should be keep undamaged. Otherwise they would be rejected.

 

When you change international currency into RMB, you’ll receive a foreign exchange receipt, showing the amount exchanged. Any unused yuan can be changed back into foreign currency when you leave the country, but you must show the foreign exchange receipt.

 

One yuan (colloquially called ` kuai ’) is divided into ten jiao (`mao’); one jiao is divided into ten fen. RMB bills are issued by the Bank of China in the following denominations: one, two, five, 10, 50 and 100. China’s fifth set of new currency was rolled out over several years beginning in the 1990s, with the most recent (and final) addition to the set being the new purple five yuan note and five jiao coin in 2002.

 

Old notes, particularly the fives and 100s (issued in 1999) are still in circulation, so don’t be surprised if you receive currency of the same denomination that looks different. Jiao and fen are issued in bills and coins, although the paper jiao and fen are being phased out in favor of the coins. Coins come in denominations of one yuan, one, two, and five jiao and one, two, and five fen, although these days, the fen isn't used much anymore.