Money

Currency
The Chinese currency is called Renminbi meaning "people's money", abbreviated as RMB. The unit of Renminbi is a Yuan and with smaller denominations called Jiao and Fen.

The conversion among the three is: 1 Yuan = 10 Jiao = 100 Fen

RMB is issued both in notes and coins. The denominations of paper notes include; 100, 50, 20, 10, 5, 2 and 1 Yuan; 5, 2 and 1 Jiao; and 5, 2 and 1 Fen. The denominations of coins are 1 Yuan; 5, 2 and 1 Jiao; and 5, 2 and 1 Fen.

Note: In spoken Chinese, Yuan is often called as Kuai and the Jiao as Mao.

Exchange Rates
The exchange rate at the time of writing was:
1 EUR = 10.45 RMB
1 GBP = 13.25 RMB
1 USD = 6.86 RMB
1 CAD = 6.50 RMB
1 NZD = 4.82 RMB
1 AUD = 6.14 RMB
1 ZAR = 0.91 RMB

ATM & Bank Accounts
At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB, and Diners Card. However, this applies only in major cities and they are not always accepted in remote areas. Credit cards are not always accepted for the purchase of rail and air tickets. Consult with your bank before departing to ensure your brand of cheque or credit card will be accepted.

1st Month Living Expenses
We recommend teachers bring a minimum of $800 USD for living expenses in the first month. Employers will often advance part of a teacher’s salary if they have a cash flow problem while China.

The cost of food is quite low in China, although imported products, when available, are much more expensive. There are increasing numbers of supermarkets selling imported foods. Local restaurants serve meals for as little as US$1 per person. It is also very cheap to buy locally produced clothing and shoes, although sometimes difficult to find sizes that fit westerners. Locally produced electrical goods are also cheap but of relatively poor quality.

General Price Guide  (prices quoted in RMB)

Accommodation

Rent / month                   2500-3500
Low Budget Restaurant     10-15 per person
Mid Budget Restaurant      15-35 per person
High Budget Restaurant     35-100 per person

Travel

Bus journey                                             1-2
Taxi                                                       10-30

Social

Hotel 1 night (budget)                               150-200

Beer (supermarket)                                    5

Cinema                                                   15
Cigarettes                                               10

Beer 1 bottle (pub)                                   35-40

Other

Visit the doctor                                        120 

Chinese lessons                                        50-100

Note: This is just a guide. Prices may be cheaper or more expensive in different areas of China.