Currency Regulations and Conversion Rates
Conversion Rate: http://www.oanda.com/convert/classic
All transactions between foreign exchange and Renminbi conducted other than through these two channels are unauthorized, illegal and banned by Chinese law because they disturb the country's financial order. According to Article 45 of the Regulations on Foreign Exchange Control of the People's Republic of China, those who have conducted unauthorized purchases and sales of foreign exchange will be warned by the foreign exchange control authorities, the foreign exchange in their possession will be converted, the unlawful income from such transactions will be confiscated, and a fine between 30 percent and three times of the amount of foreign exchange involved will be imposed.
Credit Cards, Traveler’s Checks and ATM’s
The following foreign credit cards are accepted in China:
Most major shops in tourist areas will accept credit cards, but small shops may only accept cash. Some shops may accept US dollars and Euros.
Major airlines, hotels, travel agencies and most upscale restaurants, bars and department stores (the Friendship store) will take credit cards. However, we recommend that you bring cash along as credit cards are not as widely accepted as in most American and European cities.
Traveler’s checks issued by major overseas banks may be exchanged at the Bank of China, CITIC Bank branches, and other authorized currency exchange counters.
ATM’s can be found all around the city which will enable you to withdraw Renminbi from your bank account. You may be able to withdraw foreign currencies from major Bank of China branches and designated foreign currency ATM’s in major hotels and banking outlets.