1 US Dollar in China Currency
What is the Chinese Currency?
The official currency of China is the Renminbi (RMB), also known as the Chinese yuan (CNY). It is issued by the People's Bank of China, the central bank of China.
Exchange Rate: 1 USD to CNY
As of the current exchange rate (1 USD = 6.9 CNY), 1 US dollar is equivalent to approximately 6.9 Chinese yuan. However, please note that exchange rates can fluctuate constantly and may change rapidly.
History of the CNY
The Chinese yuan has a long history dating back to the Qin dynasty (221-206 BCE). During the Qing dynasty (1644-1912), the yuan was introduced as the official currency of China. After the fall of the Qing dynasty, the Republic of China introduced the yuan as its official currency. In 1949, the People's Republic of China was established, and the yuan remained the official currency.
Using USD in China
While the Chinese yuan is the official currency, some establishments in China, especially in tourist areas, may accept US dollars. However, it is not widely accepted, and you may not get a favorable exchange rate. Additionally, you may need to pay a higher price for goods and services if you pay in USD.
Where to Exchange Currency in China
You can exchange your USD for CNY at various locations in China, including:
- Banks: Most banks in China, including the Industrial and Commercial Bank of China, the Bank of China, and the China Construction Bank, offer currency exchange services.
- Currency Exchange Offices: Specialized currency exchange offices, like Travelex, can be found at airports, train stations, and tourist areas.
- Hotels: Some hotels in China offer currency exchange services, but the rates may not be as favorable as those at banks or currency exchange offices.
Tips for Exchange and Using CNY
- Exchange currency at a bank or currency exchange office for the best rates.
- Use an ATM to withdraw CNY, but be aware of any foreign transaction fees your bank may charge.
- Use your credit card, but check with your bank to see if there are any foreign transaction fees.
- Avoid exchanging currency at airports or hotels, as the rates may not be favorable.
By understanding the Chinese currency and exchange rates, you can plan your trip to China with confidence and make the most of your US dollars.
