China Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Currency and cost of living

  What you need to live in China

   The Chinese currency is called Renminbi (RMB), which consists of yuan, jiao and fen. 10 jiao make up 1 yuan, and 10 fens make up 1 jiao.

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  Banking

  Banks, bank accounts and payments

  For many years, China had been a cash-based economy. Even today, many people don’t have bank accounts, chequebooks or credit cards, and even transactions such as salary payments are often still handled in cash.

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  Taxes

  Income tax for expatriates in China

  China’s income taxes are among the highest in Asia, with rates ranging from 5% to 45% depending on how much you earn. Tax collection is pretty efficient in China, and evading taxes can lead to heavy fines and even life imprisonment.

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