The currency of China is the renminbi yuan (abbreviated to RMB or CNY), of which the three units of currency are Yuan, Jiao and Fen (1 Yuan = 10 Jiao = 100 Fen). You can import or export up to 6,000 RMB without special permission; larger sums must be declared to the Chinese customs service.
Many international banks have a presence in Shanghai and offer both current and deposit accounts. Working hours for banks in China are usually 8.30 or 9 a.m. until 6 p.m. seven days a week. When you open your bank account, you simply need to show your passport and provide a small cash deposit with which to open the account. You will be asked to complete an application form, which may be in Chinese, so it is advisable to take a Mandarin-speaking friend with you to assist you if necessary. You will not normally be issued with a cheque book, but you will receive a debit card, which can be used to pay for goods and withdraw money from ATMs.
Everyday purchases are commonly made using cash. You will often find that smaller shops are not able to process card payments, or are only equipped to deal with Chinese credit cards. ATMs are available at many of the international banks and have instructions in English. All major credit cards are accepted in hotels, large shops and airports.