when you import from china, wholesale china electronics product , you should know the currency policy well.  

China’s currency is the renminbi or “people’s currency.” The official international abbreviation of renminbi is CNY, although the currency is more often shortened to RMB (used throughout this guide). The RMB has been in use for just over half a century, first coming into use shortly before the Communist accession to power in 1949.

The basic unit of the RMB is the yuan. For reasons of consistency, this guide uses the term RMB for cash amounts, but yuan is equally acceptable. Colloquially, the key currency unit is referred to as a kuai, both in Chinese and in English. Usage as follows: “Have you got 10 kuai to pay for the taxi?” One yuan can be divided into ten jiao (colloquially known as mao) or one-hundred fen (the “cents” of the RMB).

RMB bills come in denominations of one, two and five jiao, and one, five, ten, twenty, fifty and one-hundred yuan. Most bills feature a prominent portrait of Mao Zedong and it’s worth remembering that there are currently two issues of all notes currently in circulation. RMB coins come in denominations of half, one, two and five jiao, and one <yuan, and are most frequently found in the greater Shanghai area.

With all the different bills in circulation it is easy to become confused. A number of features exist to prevent counterfeiting including watermarking. Be sure to check each bill carefully when receiving money from any vendor that frequently caters to tourists. Cashiers and taxi drivers often examine RMB 100 or RMB 50 notes carefully before accepting them. Counterfeit notes tend to be thinner, smoother and easier to tear than legitimate notes. If in doubt then make sure to have each note checked under an ultraviolet light. Money that is torn, taped together or in a questionable state is often difficult to spend but can be exchanged at banks for new notes.

The renminbi has been effectively pegged to the US dollar at a rate of roughly US$1 to 8.28 RMB since 1994. It is widely believed the peg will be replaced at some point by a linkage between the RMB and a basket of currencies. Updated renminbi exchange rates are available at www.xe.com.