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How to convert Renminbi to USD, Canada dollar or other currency is a FAQ. The simple answer is, it is not easy.
Renminbi is not a free trading currency. That means, you cannot convert between Renminbi and free trading currency like USD freely.
Exchanging for RMB
Now, it is pretty easy to convert free-trading currency like USD into RMB. Just to go to a bank branch and ask for the exchange. Not all bank branches provide this service. At least those in Pudong Airport and Hong Qiao Airport can help you on the conversion. After you get Renminbi, be sure to keep the receipt with you. You will need the receipt to exchange RMB back to USD, or other currency.
Exchanging for USD, CAN, YEN...
If you want to exchange Renminbi for other currency, limitation applies. If you just exchanged it from other currency before, provide the receipt and they can exchange RMB for other currency up to the amount you exchanged that time.
If you just want to exchange, I am not sure about the policy for foreigners. For local resident, there are many regulations. I remember you have to provide a reason for exchange. The most common reason is to visiting other countries. With the passport, valid visa and sometimes flight ticket, you can exchange USD from Renminbi up to 2000 USD. They will stamp on the passport visa page that states: "Foreign currency supplied." so you cannot use the 2000 USD allowrence twice for the same travel.
For foreign investment to China, there are also some limitation to move the money back since the exchange of currency will be an issue. Other countries does not accept Renminbi yet.
Disclaimer: The information provided may be inaccurate because I am not an expert in this field.
Update April 10, 2008
Look at how RMB is doing in the last few years. When I first know foreign exchange, my memory of USD to RMB is 1 to 8. Today, the exchange rate is as low as 6.9924. The exchange rate changed so quickly in the last few years. Imagine what it means to the industry related to outsourcing in China.
Posted by Jian Shuo Wang at January 17, 2005 4:17 PM
Copyright: You are free to redistribute this work, as long as you keep this disclaimer
and this link: http://home.wangjianshuo.com/archives/20050117_converting_rmb_to_usd.htm
In my experience, I had a set percentage that I was allowed to convert into foreign currency from my RMB salary. But these rules seem rather lax, I was able to convert all my RMB through the Bank of China without even needing to show them the proper certificate. My second time in China, I guess my boss didn't have the same guanxi with the bank because I had to go to the main Zhejiang branch with all sorts of forms and my money got changed, but it took forever, and not a little confusion on everyone's part.
Anyways, it's also not very hard to change the RMB in Canada- at the Vancouver airport, they changed a few hundred RMB like it was USD, no problem.
Posted by: Patrick Bennett on January 17, 2005 7:56 PMWorking in China, being paid in RMB, I also had a set percentage of my salary (70%) that I was allowed to convert to dollars from RMB.
While I wouldn't want to recommend people do things illegally, I've also had no problems using huangniu, or black-market money changers, to change RMB to dollars. I've changed 5,000 Euros and 1,000 USD in the past. It seems pretty safe. The teller at the bank just pointed me to the resident huangniu who'd set up in that Bank of China branch, and told me I could make my foreign exchange through him. He withdrew USD from his account, the teller handed it directly to me, and I gave him my RMB. All at a favorable exchange rate.
tek.
Posted by: Tee Lek D. Ying (external link) on January 17, 2005 8:35 PMto Tee Lek D. Ying
Which bank was that? in What city? Thanks
I was in Shanghai 5 years ago. Almost near every "Bank of china" these "huang niu" waited for customers.
When you tried to change inside the bank, the employees couldn`t believe you really wanted to do so.
Would anyone care to comment on how safe it is to follow the huangniu example of Tee Lek D. Ying?
Posted by: WilliamW on January 19, 2005 5:24 PMI'm also very interested in currency exchange. I'm a foreigner working in Changzhou, Jiangsu Province, and it seems like it's been made as hard as possible to exchange my pay to USD. I do spend a lot of my salary locally but I'd still like to be able to take some with me when I leave. I tried exchanging the official way but didn't have the right forms. Good luck trying to get those. The illegal exchangers stand outside the main Bank of China branch with bags full of money which they'll exchange standing there outside. I'm always afraid it's counterfeit. Any advice?
Posted by: BennettP on January 21, 2005 9:49 PMI never traded with Huangniu. One thing is for sure, it is illegal. According to the posters hanging in many bank branches, the money in exchange - both Renminbi and USD will get lost when caught by police. Meanwhile, high punishment apply. Meanwhile, the risk to get fake U.S. Dollar is there. Also, please be aware someone will take your Renminbi, and before they give you USD, they may change idea and say they don't want the deal and return the Renminbi to you. Be very cautious when it happens because the Renminbi may have been changed and full of fake Renminbi.
Having said that, to exchange there has too high risks. Meanwhile, it seems to be the only way to get USD if you don't have the allowrance to change. ...
Posted by: Jian Shuo Wang (external link) on January 21, 2005 10:10 PMLet me add something I've recently learned. If you are able to travel from China to a country such as Thailand or Malaysia, take your RMB and exchange it there at a legal bank exchange window in the airport, no questions asked, no ID required. Possibly other countries too.
Posted by: BennettP on March 16, 2005 7:14 PMI want to convert RMB to USD. Like Thailand or Malaysia Airports, can I convert RMB to USD at Singapore or Hongkong Airport ?
Posted by: navneet on April 28, 2005 11:20 AMI will be leaving China with considerable RMB. Can I convert RMB to USD in the U.S. How about in the airport in Soeul, Korea?
Thanks.
Posted by: joe on May 24, 2005 11:42 AMYou will be arrested for doing so my order of the Peoples Republic of China, orders of Hu Jin Tao. Then you will be ass raped and gang raped by a bunch of panzies...
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Posted by: Aaron Baumann (external link) on December 5, 2005 3:39 PMHi, Pals, I am now working in Changzhou Jiangsu, anything I can do just let me know, I will feel happy to help you and make friends with you coming to our country throughout the world. trust me!
and I am also looking for some friends, and pray together, share our ideas together,in English or en Francais,mais my French is not as fluent as that of my English, but let's improve together, find what's interesting and what's happening in this world everyday, share our happiness, if possible, our stories, Believe in God! May peace on earth!
All the blessings for you!
drop a line anytime, I will write back to you immediately!
Waiting for you!
Steven
Hi, Pals, I am now working in Changzhou Jiangsu, anything I can do just let me know, I will feel happy to help you and make friends with you coming to our country throughout the world. trust me!
and I am also looking for some friends, and pray together, share our ideas together,in English or en Francais,mais my French is not as fluent as that of my English, but let's improve together, find what's interesting and what's happening in this world everyday, share our happiness, if possible, our stories, Believe in God! May peace on earth!
All the blessings for you!
drop a line anytime, I will write back to you immediately!
Waiting for you!
Steven
i am an indian staying in changzhou.staying 10 days a month here looking for friends with
whom can have some exchange of thoughts and friendship.foreign friends and english speaking chinese are most welcome,suuny_galaxy@hotmail.com
Hi
I was staying at the holiday inn last June, and changed 400 USD to RMB at the bank of China just accross the road. The bank teller had passed me a forged 100RMB. I tried to convert my currency at HK airport and the dud note was detected. I was held by the police and later release after proving that the money was changed legally. Beware of Bank of China
Randy
Posted by: randy on April 16, 2008 9:01 PM