The national currency is the Yuan (¥) or Renminbi (RMB) (“People’s Money"), often referred to as “kwai”
10 Jiao (pronounced ‘mao’) = 1 Yuan
10 Fen = 1 Jiao
Yuan/RMB comes in paper notes in the following denominations: 1, 2, 5, 10, 20, 20 and 100 yuan and in a 1 yuan coin
Jiao can be in paper notes in 1-jiao and 2-jiao denominations and coin denominations of 1-jiao and 5-jiao
Fen is in coin denominations of 1, 2 and 5
(5 jiao=0.5 yuan, 2 jiao=0.2 yuan, 1 jiao=0.1 yuan, 5 fen=0.05 yuan, 2 fen=0.02 yuan, 1 fen=0.01 yuan)
Very few Tibetans or Chinese will accept ¥100 or ¥50 due to counterfeiting problems
$1.00 USD = ¥7.05090 CNY (approximately)