Chinese Currency and Banking

TEFL Trainees / ESL Teachers

Tips for the students of TESOL course in China:

Chinese currency is known as Renminbi or RMB. The Chinese call their money Yuan or Kuai. Renminbi is divided into three units and subunits, which are Yuan, Jiao and Fen. Yuan is the highest unit in the currency.

• 1 Yaun=10 Jiao=100 Fen

There are both coins and noted in this currency. The coins are of one yuan, five jiaos and one jiao. The ranges of banknotes are from one to hundred yuan.

Tips on Banking in China for the TESOL students and the future ESL teachers

China has four major state owned commercialized banks. China has a closed economy and foreign banks have not yet entered the market. There are numerous ATMs and POS machines in China and most of the big shops accept cards.

The four major banks in China are:

• Bank of China
• China Construction Bank
• Industrial and Commercial Bank
• Agricultural Bank of China

There are many currency exchange places around China where all foreign currencies can be exchanged. Banks in China are open throughout the week except on public holidays and currency can be exchanged in the banks. Currency can also be converted at the big hotels.

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