CultureShock! Shanghai by Sharol Gauthier

Author:Sharol Gauthier
Language: eng
Format: epub
Publisher: Marshall Cavendish International

MONEY MATTERS

Moving to China requires serious forethought about money matters. Issues that will need to be considered such as how to communicate to home country financial institutions from abroad, how to apply for foreign bank accounts, or how to deal with the complexities of maintaining accounts in multiple countries, all need to be ironed out before you arrive in Shanghai.

Renminbi, yuan, or kuai

Distinguishing between the many words for Chinese currency can be confusing for new arrivals to Shanghai. The official name for Chinese currency, established by the People’s Republic of China in 1949, is the renminbi (RMB) which quite literally means “the people’s money.” However, the formal abbreviation used at currency exchanges and banks within China is CNY, which refers to Chinese renminbi yuan. Technically speaking, yuan is merely a unit designation of renminbi—you might pay five yuan for a sweet potato from a street vendor, for example. However, yuan has taken on a life of its own in China and it is now commonly used to refer to Chinese currency generally. To further complicate matters, China divides its currency into offshore currency CNH (money that is allowed to be traded internationally outside the mainland) and onshore currency, which retains the CNY designation. Just when you think you’ve gotten hold of it all, you’ll hear the word kuai, a common colloquial term for yuan and a word that is even more commonly used in Shanghai when referring to Chinese currency.

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