The Chinese Renminbi currency is still not a freely convertible currency. However, China has made a significant move toward free convertibility by lifting controls over current account items. In December 2001, it committed not to place any restrictions on current account items unless the International Monetary Fund (IMF) is in agreement. China is the first country to include IMF regulations into the WTO Protocols.
Chinese Yuan Renminbi conversion rate as of December, 2006:
1 US Dollar = 7.84173 Chinese Yuan Renminbi
1 Chinese Yuan Renminbi (CNY) = 0.12752 US Dollar (USD)
It can save you time to convert your currency into Chinese Yuan at a China Bank kiosk in your arrival airport in China. You will also find China Bank ATM's in the airport for drawing cash. By obtaining Chinese currency at the airport, you can avoid issues of finding a bank and/or ATM in the city which may or may not be convenient to your hotel or business location. Also, Chinese city bank locations may have more limited business hours.
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