Shanghai, the largest, most populous city in the People's Republic of China, known as mainland China, uses the Chinese renminbi as its primary currency. The renminbi is divided into three smaller components called the yuan, the jiao and the fen.
The renminbi is the official currency of Shanghai and mainland China. Foreign travelers to the People's Republic of China can only use this currency in cash transactions, but credit cards and travelers checks are accepted at a number of merchants. Exchanging foreign currency for renminbi can be done at a number of currency exchange centers or hotels, although many hotels in Shanghai only do so for hotel guests.
It is important to differentiate between mainland China and the Republic of China, commonly known as Taiwan, which uses the new Taiwan dollar as its currency and not the renminbi.