Basic information about spending money in Beijing

For many overseas visitors, the Beijing Olympic Games offers a good opportunity not only to watch exciting games, but also to enjoy a shopping spree, as the country is well known for its low-price, good-quality Made-in-China products.

Yet prior to splashing out in Beijing, it is useful to know some basics about the Chinese currency yuan (or renminbi), how to change your money into yuan, related Chinese foreign exchange policies and so on.

RENMINBI, YUAN

The renminbi (literally "people's currency") is the legal tender in the mainland of the People's Republic of China. It is issued by the People's Bank of China (PBOC, central bank). The official abbreviation is CNY, although also commonly abbreviated as "RMB".

Chinese paper money usually comes in 1 fen (rare), 2 fen (rare),5 fen (very rare), 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 5 yuan,10 yuan, 20 yuan, 50 yuan and 100 yuan.

One yuan is divided into 10 jiao. One jiao is divided into 10 fen, pennies in English. The largest denomination of the renminbi is the 100 yuan note. The smallest is the 1 fen coin or note. RMB is issued both in notes and coins. The paper denominations include100, 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.

In spoken Chinese, "yuan" is often called as "kuai" and the "jiao" as"mao". Fen-denomination RMB is rarely used, except at supermarkets.

The following are descriptions of major features of the above 1-yuan banknotes. It is easy to tell various denominations of RMB since there are corresponding Arabic numerals printed on every paper note or coin.

The 1-yuan banknote has two types, the red one debuted in 1996 while the green one in 1999. The obverse of the 1996-type 1-yuan note is a portrait of two women from two minorities, and the reverse is the Great Wall. The obverse of the 1999-type 1-yuan note is a portrait of former Chinese leader Mao Zedong, while the reverse is the Xihu Lake in the southeastern Chinese city Hangzhou.

The 2-yuan banknote is in green. Its obverse is also a portraitof two women from another two minorities, and the reverse is the South China Sea.

The 5-yuan banknote also has two types, the brown one designed and issued in 1980 while the purple one in 1999. The obverse of the 1980-type is a portrait of two minority people -- a Tibetan woman and a Muslim man, while the reverse is a scenic picture of the Yangtze River, the country's longest one. The obverse of the 1999-type is a portrait of Mao Zedong and the reverse is Taishan Maintain, a mountain in east China's Shandong province listed by the UNESCO as a world natural and cultural heritage.

The 10-yuan banknote also has two types -- the ordinary one debuted in 1999 while the special note was issued on July 8 by thecentral bank to mark the Beijing Olympic Games. The obverse of theordinary one is a portrait of Mao Zedong while its reverse is the drawing of the scenic Three Gorges. The special banknote issued onJuly 8 has a picture of the National Stadium, or the Bird's Nest, on its obverse, while its reverse features the famous ancient Greek marble statue of a discus-thrower, Discobolus, portraits of athletes and the Arabic numeral "2008".

The 20-yuan banknote, debuted in 1999, has a portrait of Mao Zedong and its reverse features a drawing of the scenic Lijiang River in South China.

The 50-yuan banknote has two types -- one in yellow and pink debuted in 1990 while the other in green was issued in 1999. The former type has a portrait of an intellectual, a farmer and a worker on its obverse while its reverse features the Hukou Waterfall on the Yellow River. The 1999-type banknote is currentlymuch more widely circulated. Its obverse is a portrait of Mao Zedong and its reverse is the landmark Potala Palace in Lhasa.

The 100-yuan banknote also has two types -- one in gray blue which debuted in 1990 while the other in red which was first released in 1999. The 1990-type note has a portrait of four formerChinese leaders, namely Mao Zedong, Zhou Enlai, Liu Shaoqi and ZhuDe, on its obverse while its reverse is the Jinggangshan Mountain in South China. Very few of the 1990-type 100-yuan paper notes arecurrently circulated in China.