What Is the Currency in China?

30 Dec What Is the Currency in China?

The official currency of China is called Renminbi (人民币), which translates to “the people’s money.” Its basic unit is the Yuan (¥), often referred to as Kuai (块) in daily conversations. So, 1 Yuan = 1 Kuai.

To break it down further:

• • 1 Yuan (元) = 10 Jiao (角) or 10 Mao (毛).
  • The currency is often abbreviated as RMB or represented by the symbol ¥.

What Money Is Used in China?

In daily life, you’ll often see the Yuan (元) symbol on price tags or signs. However, when paying, locals typically use the term Kuai (块). Despite having multiple names, the system is simple once you understand the breakdown:

• • Paper bills increase in size as their value increases.
  • Coins follow the same concept, with larger coins representing higher values.

How to Use Chinese Currency in Daily Life

China is a shopper’s paradise, full of vibrant markets where you can put your bargaining skills to the test. Knowing the currency used in China is essential for navigating these markets effectively.

Tips for Shopping in China:

• • Always start by saying, “Tai gui le!” (too expensive!) to negotiate.
  • Gradually work your way down to a fair price—but don’t go unrealistically low, as vendors need to make a profit.

Everyday Costs in China:

A bottle of water: Typically 2 Yuan (¥). Anything over 3 Yuan might be overpriced.

Meals: Street food meals start at 15 Yuan, while dining at established restaurants may cost 70 Yuan or more.

Imported products: Prices are generally higher than local goods. Use your home prices as a benchmark.

Is Tipping Required in China?

One unique cultural aspect of China’s currency system is the absence of tipping. In fact:

• • Tipping can be perceived as an insult in some cases.
  • Restaurants may ask you to pay immediately after ordering—this is a normal practice aimed at efficiency.

Conversion Rates for Chinese Currency

Currency conversion rates vary depending on your home country. To quickly calculate the value of Chinese money, you can use tools like XE Currency Converter.

Knowing the currency of China is helpful when budgeting for your trip or ensuring you aren’t overcharged.

Beijing Internships: Costs and Insights

If you’re considering Beijing internships, it’s essential to understand the cost of living in China’s capital. Beijing is one of the most dynamic cities in the country, offering countless opportunities for interns across industries.

What Are the Typical Expenses for an Intern Living in Beijing?

Interns in Beijing should expect the following monthly expenses:

Accommodation: Shared apartments or dormitories range from 2,000 to 5,000 Yuan (¥), depending on location.

Transportation: Public transit, including buses and the subway, typically costs 2–5 Yuan per ride. Monthly travel passes are affordable at around 200 Yuan.

Food: Eating out at local restaurants can cost 15–40 Yuan per meal, while groceries for home cooking may cost 1,000–1,500 Yuan per month.

Leisure: Movie tickets, gym memberships, and other recreational activities can add another 500–1,000 Yuan monthly.

How Does the Cost of Living in Beijing Compare to Other Major Chinese Cities?

While Beijing is slightly more expensive than cities like Chengdu or Xi’an, it remains cheaper than Shanghai, which is the most expensive city in China.

Beijing vs. Shanghai: Rent and dining costs in Beijing are generally 10–15% lower than in Shanghai.

Beijing vs. Chengdu or Xi’an: These cities offer rent and daily expenses that are 20–30% cheaper than Beijing, making them more affordable alternatives.

Despite its higher costs, Beijing offers unmatched career opportunities, cultural experiences, and networking prospects for interns.

Quick Overview of China’s Money System

To summarize:

• • Currency Name: Renminbi (RMB).
  • Units: Yuan, Kuai, Jiao, Mao.
  • Symbols and Abbreviations: RMB, ¥.
  • Cultural Notes: Bargaining is common in markets, and tipping is not customary.

Experience the Vibrancy of China

Whether you’re in bustling Beijing or cosmopolitan Shanghai, understanding China’s currency will enhance your experience. From street markets to fine dining, having a grasp of the money used in China ensures smooth transactions and enjoyable adventures.

Explore Opportunities with Absolute Internships

If you’re looking to kickstart your career with an exciting international experience, consider applying for an internship through Absolute Internships. With extensive support, global opportunities, and tailored internship placements, Absolute Internships helps you gain practical experience while immersing yourself in new cultures. Whether you choose Beijing internships or another global destinations for internships, the experience will set you apart in today’s competitive job market.