You might hear “yuan” a lot, but when you search for China's official currency, you will probably see “renminbi”. And this causes a lot of confusion.
China's official currency is the renminbi (RMB), and the yuan is its main unit, so prices are quoted in yuan. The currency code is CNY, and the symbol is the yuan sign. One US dollar is worth several yuan, though the exact rate moves daily. Renminbi means the money itself; yuan is what you count. People use "yuan" and "renminbi" interchangeably in casual conversation.
But that is not the only source of confusion with the Chinese currency. The yuan is written with the symbol ¥ (a Y with two horizontal bars). The same symbol is used for the Japanese yen. And that's why the currency code CNH provides better context when dealing with Chinese money outside mainland China. Read on to learn about China’s currency, the denominations, the conversion rate, and how to send money to China.
What is the currency of China?
China's official currency is the renminbi, abbreviated as RMB. It translates literally as "the people's currency." It is issued and managed by the People's Bank of China (PBOC), the country's central bank. PBOC controls currency's exchange rate and manages the monetary policy.
The unit for counting renminbi is the yuan. This means that when you see a price in China, it will be in yuan, but the underlying currency is the renminbi. Understanding this difference basically clears out all the confusion.
Yuan vs renminbi: what is the difference?
The relationship between the yuan and the renminbi is best understood through an analogy to British currency. Sterling is the name of the currency issued by the United Kingdom, and the pound is the unit in which sterling is counted and spent. You would say "the exchange rate for sterling," but "this costs five pounds," not the other way around.
The same structure applies to Chinese currency. Renminbi is the name of the currency system, similar to sterling. Yuan is the unit, similar to the pound. In practice, this means:
- "The renminbi has strengthened against the dollar this year" is correct usage.
- "This meal costs 80 yuan" is correct usage.
- "The yuan has strengthened" is also commonly used and generally accepted in everyday English, even though it technically blends the two terms.
In everyday spoken Chinese, people commonly use "kuai" (块) as a colloquial term for yuan, similar to how English speakers say "bucks" for dollars. You will hear "kuai" far more often than "yuan" in casual conversation in China.
The yuan symbol and code
The yuan is represented by the symbol ¥, which is also used for the Japanese yen. And this is a problem that causes confusion in the international space. If you find ¥ on a receipt, invoice, or a currency converter without any further details, you cannot tell whether it is the Japanese yen or the Chinese yuan.
To avoid confusion, the ISO 4217 currency code CNY is used to denote the Chinese yuan (renminbi) in international finance, banking, and forex markets. This distinguishes it from JPY, the code for the Japanese yen.
How prices are typically written:
- ¥100 (in a Chinese context, this means 100 yuan)
- CNY 100 (unambiguous international format)
- 元 (the Chinese character for yuan, used alongside or instead of the ¥ symbol on many receipts and price tags in China)
When converting currency or checking exchange rates online, always confirm you are looking at CNY specifically, and not JPY, especially if the source uses only the ¥ symbol without further labelling.
Chinese banknotes and coins
The renminbi comes in both banknotes and coins.
| Denomination | Type |
|---|---|
| 1 yuan | Coin or banknote |
| 5 yuan | Banknote |
| 10 yuan | Banknote |
| 20 yuan | Banknote |
| 50 yuan | Banknote |
| 100 yuan | Banknote (most common large note) |
| 1 jiao (0.1 yuan) | Coin or banknote |
| 5 jiao (0.5 yuan) | Coin or banknote |
The yuan is divided into jiao (角) and fen (分), similar to how a dollar is subdivided into cents. In practice, fen coins are rarely used in modern transactions due to their negligible value, and most everyday transactions round to the nearest yuan or jiao.
CNH: The offshore yuan
You may also come across CNH, which refers to renminbi traded outside mainland China, particularly in Hong Kong.
China has capital controls that limit how freely its currency can move across its borders. As a result, the offshore renminbi (CNH) can sometimes have a slightly different exchange rate from the onshore renminbi (CNY).
This difference is mainly important for businesses, investors, and financial institutions that deal with Chinese currency internationally. Most travellers and everyday consumers will not need to worry about it.
Yuan to dollar: the exchange rate
The yuan-to-dollar exchange rate does not function like a fully floating currency, such as the euro or the US dollar. The People's Bank of China controls the renminbi's value against a basket of currencies. It sets a daily reference rate and allows the yuan to move within a set range around that rate. This is called a managed float.
This means the yuan's value in the foreign exchange market is influenced by both market conditions and Chinese authorities' decisions.
The exchange rate also fluctuates regularly, so there is no single rate you should rely on. If you need to know how much yuan you can get for your dollars, check a live currency converter or financial data provider.
For context on how the yuan compares to other global currencies in terms of value, see our guide to the least valuable currencies in the world.
Spending and sending money involving China
Card acceptance in China
International Visa and Mastercard cards are not accepted as widely in mainland China as they are in many European or US cities. Mobile payment platforms such as Alipay and WeChat Pay are widely used for everyday purchases.
Major international hotels and some larger shops accept international cards, but you should not assume that every restaurant, shop, or local business will accept one. If you are visiting China, setting up a supported mobile payment app before your trip can make everyday spending much easier.
Sending money internationally
If you need to send money to or from China for business, education expenses, or family support, the transfer cost is an important consideration. Traditional banks may add fees and exchange-rate margins that are not always obvious upfront.
You can send money internationally with Grey with the fees shown before you confirm the transfer. This makes it easier to understand the total cost before you send.
Avoiding fees when travelling
Foreign transaction fees can also add to the cost of travelling abroad. Your travel prep should include setting up a widely accepted payment option in China that minimises foreign transaction fees.
Learn more about avoiding foreign transaction fees
Grey offers multicurrency accounts supporting USD, EUR, and GBP transactions. A Grey virtual card is directly linked to a foreign currency balance and can help reduce costs when spending abroad. Sending money from the US or any other country is straightforward through the same platform.
Send money internationally with Grey with transparent fees shown before you confirm, and access a Grey virtual card for your online payment.
Frequently asked questions about China’s currency
Is the yuan the same as the renminbi?
Not exactly, though the terms are commonly used interchangeably. Renminbi is the official name of China's currency. It means "the people's currency." Yuan is the unit in which the renminbi is counted and priced. The relationship is similar to sterling and the pound in British currency. Renminbi is the currency, and yuan is the unit.
What is the symbol for the yuan?
The yuan symbol is ¥, the same symbol used for the Japanese yen. Because of this overlap, the ISO currency code CNY is used in international finance and banking to unambiguously refer to the Chinese yuan, distinct from JPY for the Japanese yen.
How much is 1 dollar in yuan?
The exchange rate between the US dollar and the Chinese yuan changes daily and should be checked against a live financial data source rather than a fixed figure, since the rate is not static. China's central bank manages the exchange rate within a controlled band, meaning the rate reflects both market movements and policy decisions.
What is CNH vs CNY?
CNY refers to the onshore renminbi traded within mainland China, subject to China's capital controls. CNH refers to the offshore renminbi traded outside mainland China, primarily in Hong Kong, which is not subject to the same capital controls and can trade at a slightly different rate. This difference is more relevant to businesses, investors, and financial institutions than to individual consumers or travellers.
Can I use my card in China?
International card acceptance in mainland China is more limited than in many other major economies. Major hotels and some large retailers accept international Visa and Mastercard, but mobile payment platforms Alipay and WeChat Pay are more popular in everyday transactions. Some of these apps now allow linking foreign cards for visitors, which is worth setting up before your trip if you plan to travel extensively within China.
How do I send money internationally involving China?
Grey provides international money transfers with transparent fees shown before you confirm the transaction, avoiding the unclear conversion margins that many traditional banks apply. Whether you are supporting family, paying for education, or managing business operations connected to China, checking the total cost upfront before committing to a transfer method is the most reliable way to avoid overpaying.
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