Currency and Cost of Living in China |
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Currency in China The Chinese currency is called Renminbi (RMB), which consists of yuan(元), jiao(角) and fen(分). 10 jiao make up 1 yuan, and 10 fens make up 1 jiao. Money is issued in notes of 1, 2, 5, 10, 20, 50, and 100 yuan, and 1 yuan coins. There are also notes for 1, 2, 5 jiao, and 5 and 1 jiao coins. Fen is issued as coins. Foreign Currency Exchange Note that China has established some very strict regulations on foreign currency exchange.
China is no longer the “bargain country” that is used to be. Along with the rise of living standards, prices have also dramatically increased. Shanghai, Beijing and Hong Kong have become some of the most expensive cities to live in the world, with prices for top-range apartments reaching US$ 10,000 monthly rent or more. Education for your children can also become quite costly, and if you move within the “higher circles” of Chinese society, expect to pay Western prices at top-level restaurants and other places. On the other hand, you can still live relatively cheaply if you stick to the living standards of the lower and middle class ends of the local population. Riding buses instead of taxies, eating at cheap noodle outlets and living in an old-fashioned Chinese apartment with little or no amenities will save you a lot of money. If you move out of the big cities, prices for everything drop dramatically, often by more than half. How much money do you need in China? The amount of money you need in China obviously depends largely on your living standards. As a rough estimate, calculate with the following budgets:
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