Currency
The currency in China is known as the renminbi or yuan. It is not a freely convertible currency, but its value has been allowed to rise and fall within a wider range in recent years, with an official exchange rate of 6.78 yuan for $1 on July 21, 2010, compared with 6.81 yuan for $1 on September 15, 2009. Costs vary, with plenty of opportunity for extravagance or prudence depending on your budget. A hotel can cost $300 per day or more, while you could stay in a hostel for about $6 a night for a basic single. Meals can easily cost $50 or more in an expensive restaurant or $3 for something equally delicious on the street. Taxis are – relatively - inexpensive: you can ride right across the city's urban area for about 50 yuan ($7). A growing number of international ATMs can be found around the city. Most internationally recognized credit and debit cards can draw money from machines with the appropriate logo. Visa, MasterCard and other major credit cards are increasingly accepted in big department stores, hotels, shopping centers and up-scale restaurants - but keep some cash handy just in case.
