Although the world is facing a dramastic rise in prices of items, the cost of living in China is relatively cheaper than that of other industrialized countries. Expats and international students living in China have a great purchasing power and live comfortably in China. Affordability of goods and items is a reality in China.

China’s education system is amongst the best in the world compared to other countries such as the United States of America, United Kingdom, Australia, and Russia etc. Tuition fee and living expenses for international students are very moderate. The Ministry of Education, China has made the education system very flexible to suit the budget of every family. Tuition fees vary by each university and the living expenses of each city are different. Kindly check your choice of university and the city in which it’s situated for detailed information about your living expenses in China.

MONEY

The Chinese Yuan (CNY) is the currency of the People’s Republic of China. $1USD=6.56 CNY, this is the current rate which is subject to change. The currency notes are; 1, 5,10,20,50 and 100. The coins are 1, 5 and 1. To see the current exchange rates between your home country’s currency and the Chinese Yuan.

BANKS

These are the major internationally known banks in China:

BANK of CHINA

ICBC

ABC