Chinese Currency
Chinese money is called Renminbi (RMB) means “The People’s Currency”. The popular unit of RMB is yuan” . All prices in China are given in yuan, usually either as ￥ or 元.
The official subdivisions of the yuan are the jiao (角), at 10 jiao to the yuan, and the fen (分) at 10 fen to the jiao. A coin worth ￥0.10 will thus say 壹角 (“1 jiao”), not “10 fen”, on it. But in colloquial Mandarin, nobody ever speaks of yuan; the standard term is kuai (块), and the jiao is also dubbed the mao (毛) instead. The fen remains the same, so a price like ￥3,75 would thus be read as “3 kuai 7 mao 5 fen” (although the trailing unit is often omitted).
When dealing with numbers, note that for example “wu bai san”, literally “five hundred three”, means 530 or “five hundred three tens”, with the trailing unit dropped. The number 503 would be read as “wu bai ling san”, literally “five hundred zero three”. Similarly “yi qian ba”, literally “one thousand eight”, means 1800. When using larger numbers, keep in mind that Chinese has a word for ten thousand, wàn (万), and thus for example 50000 becomes “wu wan”, not “wu shi qian”.
Chinese coins and billsA lot of Chinese currency will be in the form of bills — even small change. As a general rule, bills are preferred in the north and coins in the south. Even the jiao, at just one tenth of a yuan, exists as both a bill (the smallest) and two different coins. Conversely, one kuai exists both as a coin and as two different bills. You should be prepared to recognize and handle either version.
Counterfeiting is a major problem, especially of ￥50, and ￥100 bills. When you buy currency at a bank, ask the teller to check for counterfeit bills. Examine all bills you receive as change. Be suspicious when you get several bills with lower denominations on top. The following are indicators of a possible counterfeit bill: Sharp-edged watermark, No metal strip, Smooth paper, Flat smooth ink, Reflective number on bottom-left of a ￥50 or ￥100 bill is the wrong color, or the color of the reflective number doesn’t change when you tilt the bill. The following are indicators of a real bill: Blurry-edged watermark, Metal strip, Rough paper, Raised ink, Reflective number on bottom-left of a ￥50 or ￥100 bill is the correct color, and the color of the reflective number changes when you tilt the bill. Note that old style bills do not have a metal strip or the bottom-left reflective number. Counterfeits often have very (too) bright and luminous colours. It is not considered impolite to refuse bills and to ask to have them changed.
Avoid paying for taxi fares with large bills as the driver will need to give you change, and inside a dark taxi it’s hard to determine whether bills are real or fake. Try to break your hundreds at larger stores or restaurants so you do not have to accept a fifty (one of the most commonly counterfeited bills).
Cheat Sheet
10 fen (分) is 1 jiao (角)
10 jiao is 1 yuan (元), the base unit
yuan is commonly called kuai (块)
jiao is commonly called mao (毛)
10 is shí (十)
100 is bǎi (百)
1000 is qiān (千)
10000 is wàn (万)
