The name translates to "People's Currency," reflecting its role as the nation's legal tender. The Official Currency: The Renminbi The official currency of the People’s Republic of China is the Renminbi, commonly abbreviated as RMB.
How Small Shops Handle Currency in China
Credit Cards and Foreign Currency Exchange. Two platforms dominate the landscape: Alipay and WeChat Pay.
Understanding the official currency used across the country is essential for everything from budgeting daily expenses to negotiating large contracts. Think of the Renminbi as the official currency system, similar to how "pound sterling" refers to the British currency system, while the yuan acts as the unit of account, similar to the "pound" itself.
H3: Small Shops Currency China Practice: Using RMB and Yuan
In practice, when you exchange money or pay for goods, you are dealing with yuan. To a visitor, this means that you can pay for street food, train tickets, and hotel bills simply by scanning a QR code with your phone.
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