Money in China

• The first series of the yuan was issued in 1948.
  
  The currency in China is called the renminbi, which translates to the "people's money." The basic unit of currency is called the yuan. As of July 2009, the exchange rates for the yuan are: 1 yuan = .14 U.S. dollar, 1 yuan = .09 British pound, 1 yuan = 13.6 Japanese yen.
  
  

Exchanging Cash and Using Credit Cards

• All banks and many hotels offer money-exchange services. Check the daily bank rates to get the best exchange rates. Most hotels, restaurants and retail stores in the cities also will accept credit cards. Be sure to check with your credit card company before traveling to know what international transaction fees you may incur. You rarely will be able to use credit cards in rural areas.
  
  

Hotel Prices

• The Grand Hyatt Beijing offers a Presidential Suite.
  
  Even 5-star luxury hotels are affordable in China. Undoubtedly, prices in the city will be higher. A room at the Grand Hyatt Beijing or one at the Portman Ritz-Carlton in Shanghai, another favorite tourist destination, costs about $200 per night.
  
  

Tours

• The Hangzhou area is a popular inclusion in tour packages.
  
  One option for managing costs is to join an organized tour. Many tour packages in China are all-inclusive. A quality tour will range from $150 to $300 per day.
  
  

Dining and Food

• The cost of rice and other staples is a fraction of what they are in other parts of the world.
  
  The cost of eating in China is very affordable. Dinner and drinks at an upscale restaurant in China will generally cost less than $20. The price of food staples in China is controlled by the government, so cooking for yourself is incredibly cheap.