Currency and Cost of Living in China

2011-6-30 8:47:00 From: foreignercn.com

Housing & Finance

Foreign Currency Exchange

The Chinese currency is called Renminbi (RMB), which consists of yuan, jiao and fen. 10 jiao make up 1 yuan, and 10 fens make up 1 jiao.

Money is issued in notes of 1, 2, 5, 10, 20, 50, and 100 yuan, and 1 yuan coins. There are also notes for 1, 2, 5 jiao, and 5 and 1 jiao coins. Fen is issued as coins.

Foreign Currency Exchange
Note that China has established some very strict regulations on foreign currency exchange.

Exchange Places Credentials needed Money limitation
Foreign currency to RMB Bank of China ID/ passport /
RMB to Foreign currency

Bank of China
Exchange office in other banks

ID/passport
Certification from foreign exchange department
A copy of the original exchange memo
2000
Warning:
  • If you're working in China and get paid in yuan, you might find it difficult to convert your Chinese currency savings into another currency. You have to keep your proof of payments as this might help.
  • Due to the strict regulations, there is an active black market for currency exchange, but illegal money changers sometimes operate with false currencies so it is definitely preferable to do your currency exchanges at an official institution.
Cost of living in China
China is no longer the "bargain country" that is used to be. Along with the rise of living standards, prices have also dramatically increased. Shanghai, Beijing and Hong Kong have become some of the most expensive cities to live in the world, with prices for top-range apartments reaching US$ 10,000 monthly rent or more. Education for your children can also become quite costly, and if you move within the "higher circles" of Chinese society, expect to pay Western prices at top-level restaurants and other places.

On the other hand, you can still live relatively cheaply if you stick to the living standards of the lower and middle class ends of the local population. Riding buses instead of taxies, eating at cheap noodle outlets and living in an old-fashioned Chinese apartment with little or no amenities will save you a lot of money. If you move out of the big cities, prices for everything drop dramatically, often by more than half.

How much money do you need in China?
The amount of money you need in China obviously depends largely on your living standards. As a rough estimate, calculate with the following budgets:
  • Minimum survival - around US$ 400 (per month): This is the money you need for a bare-bone existence if you don't have to pay for housing. It reflects the average income of many locals and allows you to live on noodles and rice, buy a Western dinner every once in a while, take a taxi in case you really need it, and pay for basic health treatment at local Chinese clinics.
  • Average C around US$ 1000: This allows you to rent a basic apartment (in major cities a very basic one!), enjoy a bit of Chinese culture, do some travel and pay health insurance.
  • Luxury: If you want to live a "good life" with higher class living standards similar to those in your home country, there are no limits as to what you can spend in China. If you want a villa-style house and to send your children to an international school, these two things alone can cost you as much as US$ 100,000 per year in major cities.

   

中文 English 日本語 한국어 Français Deutsch Русский язык Español Português عربي Melayu Indonesian Italiano Монгол Tiếng Việt Lao BIG5

·Study in Beijing ·Study in Shanghai ·Study in Chongqing ·Study in Guangdong ·Study in Heilongjiang
·Study in Jiangsu ·Study in Shandong ·Study in Shanxi ·Study in Sichuan ·Study in Anhui ·Study in Tibet
·Study in Henan ·Study in Hunan ·Study in Hebei ·Study in Jiangxi ·Study in Shaanxi ·Study in Zhejiang
·Study in Liaoning ·Study in Hubei ·Study in Tianjin ·Study in Yunnan ·Study in Fujian ·Study in Qinghai
·Study in Guizhou ·Study in Ningxia ·Study in Hainan ·Study in Guangxi ·Study in Gansu ·Study in Jilin
 
   
map Need Assistance? Have Questions?  Skype: www.admissions.cn  E-mail: Help@admissions.cn
 
Copyright © 2004-2014 Admissions.cn Inc. All Rights Reserved. 京ICP备10029054-1号