Open a Chinese Bank Account

International students are suggested to open a Chinese bank account when they arrive the university. In China, some universities will help international students open bank accounts so that students dont worry about this; while in most cases, universities require students to open Chinese bank account themselves and hence its necessary for you to get the knowledge of how to open bank account in China. Here are some tips for your reference.

The Currency of China

Rénmínbì is the official currency of China. It is abbreviated as RMB, and the unit of Renminbi is yuán, Jiao and Fen. 1 yuan equals 10 jiao while 1 jiao equals 10 fen. The fen is rarely used nowadays. RMB is issued in the following denominations: one, five, ten, twenty, fifty and one hundred yuan; one, two and five jiao. Fen has almost disappeared, so the coins in circulation are one yuan, five jiao, and one jiao. Banknotes range from one yuan to one hundred yuan, and vary both in size and color. Currently, yuan is the base unit of RMB. It is used to denominate bills, and is the unit in which prices are measured. Local Chinese always use qián to refer money same way as American use bucks to mean dollars.