Deciding to move overseas is a big deal. When you move overseas besides the stark cultural and language differences another difference will also affect you on a daily basis. That is currency. Regardless of whether you’re teaching in China, just visiting China, or working in another industry in China you will have to use Chinese currency, known as yuan, everyday.
Also known as kuai, the Chinese yuan or renminbi (abbreviated to RMB) is the currency used throughout mainland China. The Special Administrative Regions such as Macau and Hong Kong are able to act autonomously which includes circulating their own currency. Hong Kong’s currency is known as Hong Kong Dollars (abbreviated to HKD or HKS) and Macau’s currency is known as the Macanese Pataca (abbreviated to MOP).
The Chinese yuan has been relatively stable for the best several years. It has been hovering in the 6 RMB to 1 USD range and the 10-9 RMB to GBP range. The Euro has been slightly less stable and after having an exchange rate of 8-9 RMB it has recently (early 2015) dropped to the 7 RMB to 1 EUR.
Using these approximate exchange rates (as of September of 2015) you can easily determine that bout 600 RMB is equal to 100 USD, 700 RMB is equal to 100 EUR and 1,000 RMB is equal to about 100 GBP.
The equivalent of American cents or the British pence, is the Jiao. 10 Jiao equals 1 RMB. Jiao comes in both coins and paper bills. There is also a slightly rare, because it is no longer minted, 1 RMB coin. It may also be useful to know what the currency looks like. Luckily the currency notes are color coordinated and simple.
Ten of these equals 1 yuan
Two of these equals 1 yuan