Currency exchange in China is legal only if conducted at hotels, banks, and stores, at the official rate set by the central government through the Bank of China. This rate is the same at all nationwide outlets, saving travelers the hassle and stress of having to find the best rate.

Are US dollars accepted in China?

Basically, Cash can only be used domestically in China and / or carried in your wallet. ForEx can only be kept in the bank and used to transfer abroad. To convert Cash to ForEx, you need to exchange the Cash to RMB and then use that RMB to purchase ForEx, subject to currency restrictions.

What language do they speak in Shanghai?

Chinese
Shanghainese also known as the Shanghai dialect, Hu language or Hu dialect, is a variety of Wu Chinese spoken in the central districts of the City of Shanghai and its surrounding areas. It is classified as part of the Sino-Tibetan language family.

Which is the official currency of Shanghai China?

The renminbi is divided into three smaller components called the yuan, the jiao and the fen. The renminbi is the official currency of Shanghai and mainland China.

Where can you change money in Shanghai China?

You can change foreign currency at money-changing counters at almost every hotel and at many shops, department stores and large banks such as the Bank of China and HSBC, as long as you have your passport; you can also change money at both Pudong International Airport and Hongqiao International Airport.

Where to get the best exchange rates in Shanghai?

If you need some local currency upon arrival, then buy a small amount at recommended stores at Shanghai Pudong International Airport (see below). Save the rest to exchange at better rates at banks’ branches and forex shops in town. 1. Bank Branches near Tourist Areas in Shanghai

What kind of money do they use in China?

Don’t be afraid to come in really low, but remain polite. The Chinese currency is known as renminbi (RMB), or ‘people’s money’. Officially, the basic unit of RMB is the yuan (¥), which is divided into 10 jiao, which again is divided into 10 fen.