Banking Service

Chinese Money and banking
Money
Chinese Renminbi is made up of both paper money and coins, which is formally called Yuan ( ¥ ), more often known as Kuai . It breaks down into units of ten Mao or Jiao , and one hundred fen . Paper money was invented in China. The bills available are ¥ 100, ¥ 50, ¥ 20, ¥ 10, ¥ 5, ¥ 2 and ¥ 1. Coins are usually use for small change you find coins of 1 kuai, 1Jiao, 2Jiao and 5Jiao. Rarely used anymore, but still there are the "fen" coins. Be aware that at present China is suffering from a rash of counterfeiting . Fake notes are usually produced with color photocopiers and are easy to tell as the paper feels different. A few years ago you were only likely to see fake ¥ 100 notes, but these days there are even fake ¥ 50 notes in circulation.

Banking
The larges branches of major banks should be able to exchange foreign currency with a passport. For current official rates, the best are the Bank of China, the CITIC Industrial Bank, the Hong Kong Bank, and the Shanghai Bank.

If you consider opening a bank account, there are many foreigners' banks in Beijing licensed to conduct retail banking.

ATMs are all around town and will allow you to withdraw Yuan from both foreign and local accounts.

The majors banks in Beijing are:

Bank of China, Beijing
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Add: 8 Yabao Lu, Chaoyang District
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Tel: 6519 9114, 6519 9432
Open: 9am-noon, 1-5pm

CITIC Industrial Bank
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Add: Block C, Fuhua Mansion , 8 Chaoyangmen Beidajie, Dongcheng District
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Tel: 6554 2388
Open: 9am-5pm

The Hong Kong and Shanghai Bank
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Add: Ground Floor, block A COFCO Plaza, 8 Jianguomennei Dajie
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Tel: 6526 0668
Open: Mon-Fri 9am-5pm

Master Card
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Add: 7 Jianguomennei Dajie, Bright China Chang An Building
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Tel: 6510 1090
Open: Mon-Fri 9am-5pm

Citibank
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Add: China Bright Changan Building Jianguomennei Dajie
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Tel: 6510 2458

Swiss Bank Corp.
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Add: Room 3623-3624, China World Tower , CWTC 1 Jianguomenwai Dajie
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Tel: 6505 2213 ext 5

Bank of East Asia Ltd
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Add: Fuhua Plaza Jianguomen wai Dajie
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Tel: 6554 3110