Ren Min Bi (RMB) is the sole legal tender of China. The unit used for the RMB is Yuan and it has the smaller denominations of Jiao and Fen (1 Yuan = 10 Jiao = 100 Fen).
RMB is issued in both note and coin forms. The paper notes come in the denominations of 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 2 Yuan, 1 Yuan, 5 Jiao, 2 Jiao and 1 Jiao; and the denominations for coins are 1 Yuan, 5 Jiao, 1 Jiao, 5 Fen, 2 Fen and 1 Fen.
Currency Exchange:
For your own safety, do not exchange money on the streets for this an illegal act and you risk getting conned. Students may convert the following foreign currency - Pound Sterling, Hong Kong Dollar, American Dollar, Euro, Japanese Yen, Canadian Dollar and Australian Dollar – RMB at the banks in Beijing.
Students can also withdraw money in RMB from certain ATM machines that accept the foreign credit cards of:
● American Express (美国运通卡)
● Master Card （万事达卡）
● VISA Card
● Dinner’s Club Card （大来卡）
● JCB Card
If you are a holder of a credit card that is a CIRRUS or Plus network service provider, you can withdraw RMB-cash from any ATM machine belonging to the Bank of China. Keep in mind that you have to pay a transaction fee every time when you withdraw the money.
Traveler checks are accepted by many banks if it’s denomination is in USD, however, keep in mind that it takes more than 40 working days for the checks to be processed.
The banks that are located nearby Peking University are:
Bank of China(中国银行)
One minute walking distance from the South West Gate of Peking University.
Service Phone Number: 95566
Bank of Beijing (北京银行) –
2 minutes walking distance from the East Gate of Peking University.
Service Phone Number: 96169
China Construction Bank (中国建设银行)
5 minutes walking distance from the North Gate
Service Phone Number: 95533
The banks that can be found on the PKU campus are:
Industrial and Commercial Bank of China (中国工商银行)
On campus
Service Phone Number: 95588
Website: http://www.icbc.com.cn/
Agricultural Bank of China (中国农业银行)
On campus
Service Phone Number: 95599
Students may exchange money and open their saving/checking accounts at all of the above banks. You are required to present your passport to the bank staffs when opening a bank account/exchanging foreign currency. Students may also deposit foreign currencies (Pound Sterling, Hong Kong Dollar, American Dollar, Euro, Japanese Yen, Canadian Dollar and Australian Dollar) directly their saving/checking account in the above banks. Do inquire from the bank personnel for further details. The location of these banks can be found on the PKU campus map or the city map of Beijing.
