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Chinese yuan (renminbi)
China officially uses the Chinese yuan as the local currency and this is also known as the renminbi. The Yuan is divided into 10 chiao/jiao or 100 fen.
Currency regime
Until July 2005, the Chinese yuan is managed in a very small trading range against the US currency. In effect, the yuan was fixed against the US dollar at 8.28. In July 2005, the yuan was revalued to 8.11 against the dollar and allowed to fluctuate slightly on a daily basis. The People's Bank of China intervenes in the market to maintain the currency peg.
Commercial rates
As at February 1st 2006, the yuan was trading around 8.06 against the dollar, 9.75 against the Euro and 14.3 against Sterling.
Tourist rates
On February 1st 2006 the yuan was valued at around 13.50 against Sterling. For 1 UK pound you will, therefore, receive around 13.50 Chinese yuan.
Travellers cheques are best taken in US dollars.
Buy your holiday and travel currency - Buy online securely with extra convenience and get better tourist rates than at the banks.