RMB (Renminbi) is the Chinese currency, which contains Yuan, Jiao and Fen. 1 yuan is 10 jiao and 1 jiao is 10 fen.
Currently there are notes of 1, 5, 10, 20, 50 and 100 yuan and 1, 2, and 5 jiao. There are also coins of 1 yuan and 5 and 1 jiao (coins of jiao are rare right now).
In China, it is very difficult for foreigners to exchange foreign currency since Chinese government has strict regulations on it. Usually you will need a copy of the original exchange memo to exchange Chinese currency to foreign currency (your proof of payment might help as well). Though you may find black market to exchange your Chinese currency, it is not safe and you may get cheated. It is still recommended going to certified exchange institution.
Cost of living
In the big cities like Beijing, Shanghai and Guangzhou, the cost of living is fairly high, especially if you want to live like in your home country. Lowering your living standard can dramatically decrease the cost, for example, eat Chinese food instead of Western food and take public transportation. With the development of Chinese society, some second-tier cities provide good environment, convenient transportation and comfortable accommodation as well-developed cities, but cost of living is halved. Although you will find that the opportunities of finding work and salary is less as well.
There are three living standards and their corresponding needed money
- Basic (approximately 400 USD per month): This money may only satisfy your basic requirements for living. If you don’t have to pay for accommodation, you still can engage some extra activities like going to western restaurants and sports center occasionally.
- Average (approximately 1000 USD per month): This money can enable you to live like a average family in China. You can enjoy a basic and comfortable apartment and travel within China once in a while.
- Luxury: It is very hard to count the money for luxurious life. As right now in China, you could live a life as luxurious as western countries because there are a lot of high-class locations for rich people. You can choose to buy a villa, go to golf clubs, enjoy spas, have food at premium restaurants and relax at 5-stars holiday inns as locals from higher circle. These things may cost you 50,000 USD to 100,000 USD per year.
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