Jazmin Li
Hong Kong has its own currency, the Hong Kong dollar (HKD), which is different from the Chinese yuan (RMB) used in mainland China. While some shops and businesses in Hong Kong may accept RMB, especially in tourist areas, the exchange rate is typically poor, and you may lose around 20% compared to using HKD. It is generally recommended to convert your money to HKD before visiting Hong Kong, and currency exchange counters are available at Hong Kong International Airport.
| Characteristics | Values |
|---|---|
| Can Chinese yuan be used in Hong Kong? | Yes, but it is not recommended due to poor exchange rates. |
| Where can Chinese yuan be used in Hong Kong? | Large supermarket chains, shops with online payment systems, and some small businesses and street vendors. |
| Where can Chinese yuan be used in Hong Kong Airport? | It should be accepted at the airport. Currency exchange counters are available from early morning until late at night. |
| What currency is used in Hong Kong? | Hong Kong Dollar (HKD) |
| What is the official currency of China? | Renminbi (RMB) |
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What You'll Learn
Hong Kong's official currency is the Hong Kong dollar (HKD)
While some places in Hong Kong may accept the Chinese yuan, especially in tourist areas, it is not recommended to use it directly as you will get a poor exchange rate. It is better to exchange your yuan for HKD at currency exchange kiosks, which can be found at Hong Kong International Airport and throughout the city. These kiosks offer better exchange rates than shops and restaurants that accept yuan directly.
It is also worth noting that some shops in Hong Kong that use online payment systems like AliPay and WeChat Pay allow users to pay with yuan, but the transactions will be converted into HKD. Additionally, some large supermarket chain stores throughout Hong Kong may accept yuan as payment, but the exchange rate is typically unfavourable, resulting in a 20% loss compared to using HKD.
To avoid any issues, it is generally recommended to use HKD for most transactions in Hong Kong. Major credit and debit cards are also widely accepted, and ATMs are easily accessible for cash withdrawals.
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Chinese currency is called the yuan or renminbi (RMB)
The currency of China is referred to as either the Chinese yuan (CNY) or renminbi (RMB). The two terms are often used interchangeably, but there is a distinction between them. The renminbi is the official currency, and the yuan is its principal unit of measurement. The yuan is the base unit, which is further divided into 10 jiao, and then into 10 fen. The yuan character is also used in the names of other currencies, such as the New Taiwan Dollar and the Hong Kong Dollar.
The Chinese yuan was created in 1949, when the country became the People's Republic of China. The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of the People's Republic. The People's Bank of China is the monetary authority of China and is responsible for issuing the renminbi. The bank also released an updated edition of the fifth series of renminbi banknotes and coins in 2019.
In the early 2020s, China launched the digital renminbi, also known as the digital yuan or e-CNY. This is a central bank digital currency (CBDC) developed by the People's Bank of China.
China has two versions of its currency: CNY (Chinese yuan) and CNH (offshore renminbi). While they may seem interchangeable, they serve different purposes in international trade and finance. The key difference lies in how they are regulated and traded. CNY is used within mainland China under strict government control, while CNH circulates offshore with greater flexibility.
Regarding the use of Chinese currency in Hong Kong, it is important to note that Hong Kong has its own currency, the Hong Kong dollar, which is different from the Chinese yuan or renminbi. However, there have been reports of some shops, stalls, and restaurants in Hong Kong accepting RMB, especially in tourist areas. The exchange rate is usually poor, resulting in a loss compared to using Hong Kong dollars. It is recommended to convert foreign currency to Hong Kong dollars to get the best value and wider acceptance.
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Yuan may be accepted at Hong Kong airport
Although Hong Kong is officially part of China, it uses a different currency to the Chinese mainland. The Hong Kong dollar (HKD) is the official currency of Hong Kong, and the majority of shops, restaurants, and other businesses will only accept this as payment. However, Renminbi (RMB), or yuan, may be accepted in some places in Hong Kong, including the airport.
Shops that use online payment systems such as AliPay and WeChat Pay allow users to pay with Renminbi, although the transaction will be converted into HKD. Some large supermarket chains may also accept yuan, but the exchange rate is poor, with a 20% loss compared to Hong Kong dollars. Shops that accept yuan will usually display a notice or a 元 symbol.
It is also possible to exchange yuan for Hong Kong dollars at currency exchange kiosks, which can be found at Hong Kong International Airport. These kiosks are open from early morning until late at night.
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Shops that accept yuan will display a notice or 元 symbol
Hong Kong has its own currency, the Hong Kong dollar (HKD), which is different from the currency used in mainland China, the Chinese yuan (also called RMB, or renminbi, or simply yuan). While Hong Kong is officially part of China, it is politically and economically separate, and the Hong Kong dollar is the official currency.
Some shops in Hong Kong may accept Chinese yuan, especially in tourist areas. However, the exchange rate is typically poor, with a 20% loss compared to the Hong Kong dollar. It is recommended to convert Chinese yuan to Hong Kong dollars at currency exchange kiosks before making purchases.
Shops that accept yuan will display a notice or the 元 symbol. This can be in the form of a sign at the register or in the window. It is also recommended to use payment apps, such as AliPay or WeChat Pay, which allow users to pay with yuan, although the transaction will be converted into HKD.
Hong Kong International Airport has currency exchange counters open from early morning until late at night, where travellers can exchange their money.
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It's recommended to exchange yuan for HKD at currency exchange kiosks first
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar (HKD), which is separate from the Chinese currency, the yuan (RMB). While some shops in Hong Kong may accept yuan, especially in tourist areas, the exchange rate is often poor, with a 20% loss compared to HKD.
It is recommended to exchange yuan for HKD at currency exchange kiosks first. Currency exchange counters at Hong Kong International Airport are open from early morning until late at night, and you can save time by ordering foreign currencies online via Travelex's website or Global Exchange's website and collecting them on arrival. You can also find small currency exchange kiosks near the entrance of Chungking Mansions.
Exchanging your yuan for HKD beforehand ensures you get a better exchange rate and avoids the hassle of finding shops that accept yuan. Additionally, you may encounter difficulties getting change when paying directly with yuan due to the exchange rate. By exchanging your currency beforehand, you can take advantage of the good rates offered by some currency exchanges and make the most of your money.
Furthermore, exchanging yuan for HKD at a currency exchange kiosk provides flexibility and convenience during your time in Hong Kong. With HKD in hand, you can easily pay at shops, restaurants, and other businesses that primarily accept the Hong Kong dollar. This includes using the currency for public transportation, where yuan is not accepted.
While some digital payment systems like AliPay and WeChat Pay allow users to pay with yuan, the transactions will be converted into HKD. Therefore, having HKD from the outset simplifies the payment process and ensures you are aware of the exact amount you are spending.
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Frequently asked questions
Yes, Chinese yuan (RMB) can be used at Hong Kong Airport, but it is recommended to exchange it for Hong Kong dollars (HKD) first, as the exchange rate for yuan is poor.
Currency exchange counters are available at Hong Kong International Airport from early morning until late at night. You can also save time by ordering foreign currencies online via Travelex's website or Global Exchange's website and collecting them on arrival.
Some shops, restaurants, and businesses in Hong Kong will accept yuan, but the majority will only take Hong Kong dollars. Shops that accept yuan will usually display a notice or a 元 symbol.
Hong Kong is part of China but is politically and economically separate, so it has its own currency, the Hong Kong dollar. The yuan is the base unit of the Chinese currency, which is called renminbi (RMB).
