George Post 8 - More Practical Stuff

Here is a combination of Practical Info I put together from various travel websites.

Everyday Chinese

Welcome - Huan Ying

How are you? - Ni Hao, Ni Hao Ma?

I am fine, thank you - Wo Hen Hao, Xie Xie Ni

Good morning - Zao Chen Hao, Wan

Good Bye - Zai Jian

I want to buy this - Wo Yao Mai Zhe Ge

How much is this all together? - Yi Gong Duo Shao Qian

I don’t understand - Wo Ting Bu Dong

Here’s to our friendship - Wei Wo Men De You Yi

Money
The official currency in China is the Renminbi (RMB or CNY) or in Chinese "Ren-min-bi". The basic unit is the yuan (also known as "kuai"), which equals 10 jiao (or "mao"), which is then divided into 10 fen. Paper currency comes in 1.2,5,10,50 and 100 yuan notes. Paper jiao come in denominations of 1, 2, and 5. There are also 1 and 2 fen notes, but these are rarely used as they have no purchasing power. 1 yuan, 1 and 5 jiao, and 1, 2, and 5 fen coins are even common used in larger cities.

Monetary Value
The exchange rate is about 6.82 yuan per dollar. So a yuan is worth about 15 cents. We can expect to pay about 11 yuan for a Big Mac, a real bargain. This is because the yuan is about 49% undervalued to the dollar. The Chinese govnerment maintains this to ensure that the Chinese buy Chinese and not American.

Exchange Money
It is possible to exchange traveler's checks or cash at most banks, and hotels always have a money exchange counter. Cash advances are available on most common credit/debit cards e.g. American Express/Visa/MasterCard, but this facility is available only from the main branch of the Bank of China in most Chinese cities. A fee of 3%-4% will apply. The Bank of China has an ATM network that will allow cash advances from major credit / debit cards and ATM cards. Check you credit card provider for this information before leaving your home country. You are required to present your passport to change money/travelers checks etc. Hotels will usually only allow you to change money if you are guest at the hotel. The RMB is not easily convertible on the international market so it is only usable in China. It is advisable to change only the money that you need for you trip as it will cost an additional service charge to change back.

Credit Cards
Major credit cards such as Master Card, Visa and American Express are accepted in major hotels and department stores. Check on the acceptance of your credit card before you purchase. Credit cards cannot be used in most restaurants or small convenience stores. Air Travel could be purchased with credit cards. Credit cards can be used to get a cash advance in the main offices of the Bank of China

Bartering
Be ready to do a quick calculation of the cost—divide by 7 for an unofficahandy and a small calculator all the time. The airport is a good place to get the current exchange rate.)
If you are shopping in a public market, you will find that most merchants speak some English. When negotiating in China, here are a few simple things to remember.
1) Be polite, and friendly, but firm.
2) Almost everything is negotiable in Asia. Even retail stores will normally negotiate, if you buy enough stuff.
3) Start your negotiations at 50% of the list or spoken price. Keep the negotiations light, and remember to smile. I suggest starting the negotiations like this:

Merchant: "The price is 1000 Yuan."

You: "I will give you 500." (Smile).

Merchant: "No, no, no. 1000 Yuan."

You: "500." (Be pleasant).

Merchant: "OK, 900 Yuan.

You: "450 Yuan. (Smile).

Merchant: Shocked. "No, No. That’s wrong."

You: "OK. 400 Yuan."

Merchant: Pause.

At this point, the merchant will either begin to back down or get very frustrated. If the merchant wants to get the best of you, or if the product is already priced very, very low, you will know by what he/she does next.

Use some good judgment, and be sure you have gotten the price from other competitors before you start negotiations. Remember, if you agree on a price for something, you should buy it. It is very rude to agree on a price and then walk away. It is not rude to walk away from a bad negotiation or high price. In fact, you might find that when you walk away in the middle of a negotiation that is not going as planned you will get the price that you wanted for the product. Remember, be polite, and be fair. Everyone deserves to make a living.

PS - Carry your own toilet paper – Many places do not provide.