The Chinese currency renminbi (RMB), or the yuan, is not freely convertible. Exchanging RMB is your first step in China, whether you're on the street or just off the plane.
1. At the airport
Banks
Airport foreign exchange is mostly done at banks. Some of them have rules for old and new notes. So, carry an adequate amount of new versions of the currency. Bank exchange rates may vary significantly.
Currency exchange machines
The exchange rate at the currency exchange machine may be higher than that at the bank.
ATM
They can usually be found near the bank. Most of them support MasterCard and Visa. You can withdraw RMB with a foreign debit or credit card.
2. In the city
① Banks:
You can choose from the following banks to exchange currency:
State-run banks
Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications
Commercial banks
Shanghai Pudong Development Bank, China Industrial Bank, China Merchants Bank and China CITIC Bank
Foreign banks
Standard Chartered Bank, The Hongkong and Shanghai Banking Corporation Limited
Although these banks offer foreign exchange services, their sub-branches may not offer such service. Look out for the green "EXCHANGE" icon. It is usually on the exterior wall of the bank.
② Currency exchange machines
Some international hotels are equipped with currency exchange machines. Please check with your hotel.
③ ATM
The ATM is operated in the same manner as the airport.