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Exchange Procedure of RMB and Exchange Rate

Last updated by chinatravel at 2014/2/11

Exchange Procedure of RMB and Exchange Rate

The People’s Bank of China began to issue the newly fifth set of RMB since October 1, 1999. The new RMB includes eight kinds of banknotes printing. They are RMB 100 Yuan, RMB50 Yuan, RMB 20 Yuan, RMB 10 Yuan, RMB 5Yuan, RMB 1 Yuan, RMB 5 Jiao, RMB 1 Jiao respectively.

1.1 Foreign currency exchange

The foreign currency China collect and exchange includes:

American Dollar, British Pound, French Franc, Reich Mark, Japanese Yen, Australian Dollar, Austrian Schilling, Belgian Franc, Canadian Dollar, Hong Kong Dollar, Swiss Franc, Danish Krone, Dutch Guilder, Norwegian Krone, Swedish Krona, Singapore Dollar, Malaysian Dollar, Italian Lira, Macao Pataca, Finnish Mark etc.

1.2 Institutions of foreign currency exchange and the administration and regulation of foreign exchange

Bank of China handles the business of adding entering and adding out foreign currency. It becomes the specialized bank for exchanging foreign currency.

According to foreign exchange control of Chinese currently in effect, the circulation of foreign currency is forbidden within the territory of PRC. Besides, people are not allowed to wind up an account in the form of foreign currency according to valuation. For the convenience of the foreign guests and the fellow countryman from Hong Kong, Macao and Taiwan, Bank of China and other authorized banks not only accept and hear the foreign currency traveler’s check, foreign credit card exchange the RMB business, but also accept and hear 22 kinds of foreign currency cash and new Taiwan dollar conversion business. What is more, in order to give the most convenience to hold add persons, in addition to the banks, a few guesthouses, hotels or shops can also handle the business of foreign currency exchange for RMB. And RMB not used up before leaving China can be exchanged for foreign currency if the exchange Shan is showed within the period of validity of six months. And the foreign currency exchanged back can be carried out of China. 

1.3 Foreign currency quote price

Because there is no foreign currency for direct circulation in China yet, the price parity between RMB and foreign currency is to consult the quote price of Bank of China. And in different occasions, different quote prices are employed when exchanging: exchanging the traveler’s check, credit card and remittance, people at the purchase price; adding out foreign currency including adding out foreign currency cash at the price of sale and remittance price; adding enter foreign currency cash at the price of cash purchase.

The foreign credit cards that can be done and paid in China

At present, the foreign credit cards that can be paid in China include:

(1) Master Card

(2) Visa Card

(3) American Express Card

(4) JCB Card

(5) Diners Card

Name of Currency

Currency Purchase Price

Cash Purchase Price

Sale Price

Criterion price

Conversion Price of Bank of China

Pound

1530.66

1498.38

1542.95

1534.62

1534.62

Hong Kong Dollar

100.33

99.52

100.71

100.57

100.57

American dollar

780.15

774.03

783.28

781.89

781.89

Swiss Franc

641.64

628.11

646.79

 

643.24

Singapore Dollar

505.6

494.94

509.66

 

507.61

Swedish Krona

114.64

112.22

115.56

 

115.02

Danish Krone

137.96

135.05

139.06

 

138.3

Norwegian Krone

126.06

123.4

127.07

 

126.3

Japanese Yen

6.5796

6.4408

6.6324

6.6049

6.6049

Canadian Dollar

674.72

660.49

680.13

 

677.11

Australian Dollar

612.89

599.97

617.82

 

614.33

Euro

1028.42

1006.74

1036.68

1031.11

1031.11

Macao Pataca

97.67

96.84

98.04

 

97.86

Philippine Peso

15.75

15.42

15.88

 

15.84

Thai Baht

21.38

20.93

21.55

 

21.42

New Zealand Dollar

544.87

 

549.25

 

545.37

Korean Won

 

0.7982

0.8588

 

0.8292

Tips: This table of exchange rate is only for reference. The actual exchange rate is accurate with every branch of Bank of China.

1.4 Ways to differentiate genuine RMB from non-genuine RMB

The Penetrating method of differentiating real RMB from false RMB can be summed up as four processes: look; touch; listen and detect.

How to look? Firstly, look at the watermark. Looked at towards the illumination, RMB above 10 Yuan may see the person head portrait or the flower and plant watermark in watermark window place and the paper currency of 5 Yuan value is a full ancient printing plate currency watermark. Secondly, look at the security line. There is a limpid straight line on the right side of the bank notes with 50 Yuan of printing plate and 100 Yuan of face value of the fourth set of RMB. The "safety line" or the false print of RMB is printed with light color printing ink, misty and hard to find out or to put a silvery plastic line by handwork. So it is easy to find that in currency paper border there are silvery white thrums differing in length by scissors. On the safety line of the fifth set of RMB are some mini characters, which false RMB can hardly imitate as clear as real RMB. Besides, the line is easy to be drawn out. Thirdly, look at the design color of the bank note face in order to see whether it is bright, the line is clear or not, whether the link up is intact to connection and whether there is gap or not.

How to touch then? Since denomination RMB adopts embossing above 5 Yuan, the line forms paperback printing ink of crippling saying, especially in Braille point, in “People’s Bank of China " model of written characters and in figure location of the fifth set of RMB etc. Using fingers to fondle these places, you can have a comparatively distinct concave-convex feeling. And obvious resistance can be felt when using fingers to streak comparatively new bank notes. The counterfeit money taken over at present is turned out to be printed with offset press, smooth without any concave-convex feeling.

How to listen? The paper of RMB is a kind of specialized paper, solid and smooth. The comparatively new bank notes can make clear and melodious noise when you use fingers to fluff the paper money. While the counterfeit money paper becomes soft, infertile and unendurable to crumpled and folded. And it makes oppressing noise.

Lastly, How to detect? Use simple instrument to carry out fluorescence checks. On the one hand, to detect whether there is reflection of fluorescence. RMB paper which is not bleached in fluorescence has no reflection in the fluorescent lamp and becomes dark. The counterfeit money, most of which is bleached, has the reflection of fluorescence in the fluorescent lamp and becomes white and bright. On the other hand, the real RMB has one or two fluorescent characters in light yellow. While the false RMB has the fluorescent characters in grey white luster.

The People’s Bank of China, the Ministry of Public Security and the four banks authorized by the People’s Bank of China have the right of confiscating the counterfeit money, they are Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, all of which are wholly state-owned commercial banks. According to PRC RMB regulation on administration, every banking institution handling the business of RMB access money can forfeit counterfeit money.

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