Chinese RMB is made up of both paper money and coins, which is formally called Yuan (￥) or Kuai . It breaks down into units of ten Mao or Jiao , and one hundred fen . The paper bills available are￥100,￥50,￥20,￥10,￥5,￥2 and￥1. Coins are usually used for small change. 1 Yuan, 1 Jiao, 2 Jiao and 5 Jiao coins are available. Rarely used anymore, but still there are the "Fen" coins-1 Fen, 2 Fen and 5 Fen.

Foreigners could open their personal account in most local banks. When opening your personal account (either USD or RMB account), the followings are needed:
(USD$100-500 for USD account, or RMB 1-5 for RMB account, depending on different bank policies)

Legal moneychangers should post their net exchange rates by law. Before handing over your money to be changed, you'd better inquire about any extra fees or commission charged. Moneychangers must also issue a receipt by law. It is not advised to change money with any individual or establishment other than banks, hotels or other legitimate moneychangers.
The larges branches of major banks should be able to exchange foreign currency with a passport. For current official rates, the best are the Bank of China, the CITIC Industrial Bank, The Hongkong and Shanghai Bank Corporation.
ATMs are all around town and will allow you to withdraw RMB from both foreign and local accounts.

In China, Cash in RMB is preferred. Star hotel, Luxury restaurants and large department stores accept credit cards, but it is wise to check first in the case of traditional Chinese establishments.