RMB is the sole legal tender of China. The unit used for the RMB is Yuan and it has the smaller denominations of Jiao and Fen (1 Yuan = 10 Jiao = 100 Fen).

RMB is issued in both note and coin forms. The paper notes come in the denominations of 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 2 Yuan, 1 Yuan, 5 Jiao, 2 Jiao and 1 Jiao; and the denominations for coins are 1 Yuan, 5 Jiao, 1 Jiao, 5 Fen, 2 Fen and 1 Fen.

Currency Exchange:

For your own safety, do not exchange money on the streets for this an illegal act or you will risk getting conned. Students may exchange the following foreign currency - Pound Sterling, Hong Kong Dollar, American Dollar, Euro, Japanese Yen, Canadian Dollar and Australian Dollar – RMB at the banks in Yantai,

10 minutes walking distance away from the North Gate of Yantai University:

Bank of China(中国银行):Service Phone Number: 95566

China Construction Bank (中国建设银行):Service Phone Number: 95533

Industrial and Commercial Bank of China (中国工商银行):Service Phone Number: 95588

Agricultural Bank of China (中国农业银行):Service Phone Number: 95599

Take your passport when you open an account(come to the office of International Student Section to apply for opening an  account for Agricultural Bank of China (中国农业银行) )

On campus: Agricultural Bank of China ATM