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Cost in China

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Cost of Studying in China

Is the cost of living in China too high?
Although prices in China are rising, the cost of living here is still favorable compared with most developed countries. You will be amazed by how comfortably you can live and how strong your purchasing power is. Compared to developed countries, the cost of living and studying in China is relatively low. Accommodation in Beijing is roughly RMB 2000-3000 yuan per month. An average meal costs around 30-50 yuan. The subway has a flat rate of 2 yuan and buses within the city are even cheaper. Smaller cities and those in China’s central and western regions are particularly inexpensive.

Currency & Money

Currency information: 

1 Renminbi Yuan (CNY; symbol ¥) = 10 jiao/mao or 100 fen. Notes are in denominations of ¥100, 50, 20, 10, 5, 1, 5 jiao and 1 jiao. Coins are in denominations of ¥1, 5 jiao and 1 jiao. Counterfeit ¥50 and ¥100 notes are commonplace. The Yuan is often referred to as the ‘guai’ in street slang.

Credit cards: 

American Express, Diners Club, MasterCard and Visa are widely accepted in major provincial cities in designated establishments. Credit cards are often unlikely to be accepted away from the major cities.

ATM: 

ATMs can generally be found in airports, hotels, shopping centres and banks, as well as in many major cities and towns.

Travellers cheques: 

To avoid additional exchange rate charges, travellers are advised to take traveller’s cheques in US Dollars.

Banking hours: 

Mon-Fri 0900-1600/1700. Some banks close for lunch from 1200-1300. Select branches in major cities offer extended hours in the evenings and on weekends.

Currency restriction: 

Imports and exports of local currency are limited to ¥20,000. The import and export of foreign currency is unlimited, but amounts exceeding the equivalent of US$5,000 must be declared.

Currency exchange: 

It is possible to exchange CNY outside China, albeit mainly in Southeast Asia and Hong kong. Foreign banknotes and traveller’s cheques can be exchanged at branches of The Bank of China. In hotels for tourists, imported luxury items such as spirits may be bought with Western currency. Scottish and Northern Irish banknotes cannot be exchanged.

 

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