Metallic currency in China is restricted almost entirely to pieces of 20 cents or less in value. Paper money is used in denominations from 5 cents to $500. A $500 bill will look like a tidy sum but it exchanges for about $25 in our money (see notes on inflation on page 21).
The numerals for the respective values are printed in large size on the bills, so you should have little difficulty in recognizing the various values.
Bills for the four governmental banks of China—Central Bank of China, the Bank of China, Bank of Communications, and the Farmers Bank—are generally acceptable in the towns and cities throughout Free China.
Many of the provincial governments issue their own paper money, which circulates and is accepted within the province, but usually is not acceptable outside. Provincial notes do not exchange at par, but are usually worth somewhat less than national government money.
The advisable thing to do is to get your American dollars exchanged into notes of the four governmental banks of China and to obtain only such provincial currency as you will use while you are in the particular province.
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